The ‘Regulatory Framework for Stored Values and Electronic Payment Systems’ has been providing the framework and basis for the Central Bank to license and regulate Stored Value Facilities (SVF) issued in the UAE on 13/12/2016. Due to technological advancements, the rapid developments of stored value products and services, and the enacted Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities, which grants the Central Bank more and specific supervisory powers, therefore, the existing regulatory framework for SVF has been reviewed and is being amended.

The relevant Articles of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities include: (a) Article (65) that requires providing SVF services to be subject to a licensing regime administered by the Central Bank; and (b) the Articles (67) - (71) that provide the statutory basis for the powers of the Central Bank in relation to the licensing and on-going supervision of SVF activities.