Book traversal links for Article (9): Foreign Payment Token Issuer Registration
Article (9): Foreign Payment Token Issuer Registration
2/2024 Effective from 21/8/2024
1. | A Person incorporated outside the UAE (which for the purposes of this Regulation would include a Person incorporated in a Financial Free Zone) may apply for a Registration as a Foreign Payment Token Issuer. |
Registration process
2. | To be granted a Registration as a Registered Foreign Payment Token Issuer, an Applicant shall, at the time of submitting an Application:
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3. | As part of the registration process, separate face-to-face meetings between Central Bank staff and the Applicant’s and its Controllers’ Boards and Senior Management may be conducted. | ||||||
4. | An Applicant for a Foreign Payment Token Issuer Registration shall, at the time of submitting an Application, provide a list of all Foreign Payment Tokens that it intends to issue and obtain a legal opinion on the assessment for all Foreign Payment Tokens. The legal opinion must assess whether the Foreign Payment Tokens and the operations of the Payment Token Issuer comply with this Regulation including but not limited to whether the White Paper is complete and accurate. | ||||||
5. | Article (7) shall apply to Applicants and Applications for Registration as a Foreign Payment Token Issuer, for which purposes:
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6. | Where the Applicant is regulated by another authority, including by authorities in other jurisdictions, the Central Bank may contact the relevant authority about the Applicant. The Central Bank may take into account the relevant authority’s views in respect of matters such as the financial soundness and the overall internal control environment of the Applicant, and whether the relevant authority has any concern about that Applicant extending its Payment Token business to the UAE. |
Application of this Regulation to Registered Foreign Payment Token Issuers
7. | Without prejudice to the remainder of this Article (9), a Registered Foreign Payment Token Issuer shall comply with the following Articles of this Regulation:
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8. | A Registered Foreign Payment Token Issuer shall:
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