Book traversal links for Article (6): License Conditions
Article (6): License Conditions
2/2024 Effective from 21/8/20241. | To be granted a License, an Applicant shall, at the time of submitting an Application:
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2. | The Applicant must be a company incorporated in the UAE, including free zones but excluding Financial Free Zones | ||||||||||||
3. | An Applicant must meet, or demonstrate that it will meet upon License issuance, the ongoing requirements set out in Article (12) to Article (36), to the extent applicable to the License category for which it has applied, in particular:
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4. | As part of the licensing process, separate face-to-face meetings between Central Bank staff and the Applicant’s and the Applicant’s Controllers’ Boards and the Senior Management may be conducted. |
Independent assessments
5. | The Applicant is required to submit an independent assessment report not older than six (6) months assessing how it will comply with Article (6)3, covering at least the following key areas:
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6. | The Applicant must appoint one or more competent and qualified assessor(s), which are independent from the business units of the Applicant, to carry out the independent assessments. The assessors must not be involved in the operations to be reviewed or in selecting or implementing the relevant control measures to be reviewed, must have relevant knowledge and experience, and must be able to report their findings independently. They must also confirm to the Central Bank that there is no conflict of interest in the conduct of independent assessments. | ||||||||||||||||
7. | An Applicant for Payment Token Issuing shall, at the time of submitting an Application, provide a list of all Payment Tokens that it intends to issue. The Central Bank may require that the Applicant obtain a legal opinion for all Payment Tokens assessing whether the Payment Tokens and the operations of the Payment Token Issuer comply with Central Bank regulations including but not limited to whether the White Paper is accurate and the Reserve of Assets is properly held. |