The UAE Central Bank on Wednesday issued new regulations for "stored value digital payments". With this landmark regulation, users can now actually store the digital currencies in their own digital wallets or with custodians. Stored Value Facilities (SVF) are channels through which users can store money digitally and use it to pay for goods and services. Some of these scams are attempts at identity theft, including fraudulent emails, faxes, including copies of our website. The UAE Central Bank on Monday said it imposed administrative sanctions on two exchange houses for violating rules pertaining to anti-money laundering and combating financing of terrorism and illegal organisations. 10 of 2018 (‘the Regulation’). are channels that help users to store money digitally and make digital payments or transactions. 2.4 You must not use the name or logo of the Central Bank of the UAE in any advertisement or public announcement or any form of documents or records or communication (whether verbal or written or electronic or otherwise) without the Central Bank’s prior written consent. What: Registering rent contracts with the Dubai Land Department (DLD) through Ejari.ae. The regulation will also ensure an appropriate business code of conduct and support the development of digital payment products and services. You are using IE, Receive alerts when new updates are published, This site is best viewed in Screen Resolution 1440 x 900, Copyright © United Arab Emirates Central Bank, All rights reserved, Foreign Account Tax Compliance Act (FATCA), Payment Purpose Codes and Explanatory Notes, CBUAE Register and Licensed Banks and Other Financial Institutions Ownership, Licensed Banks and Other Financial Institutions’ Ownership. H.E. 5.1 This privacy policy forms part of the Central Bank of the UAE website general Terms and Conditions. The UAE Central Bank on Tuesday rolled out new rules governing stored value facilities in an effort to boost the country's digital payments services. 4.2 It shall be permitted to have direct link with all pages hosted on this Website. Hence, the business of moneychangers is big in the UAE. Please notify us if the fraud involves a misuse of the CBUAE’s name or logo, or the name of any CBUAE employee, or a fake email address or emails purporting to be from the CBUAE. 6.2 The Terms and Conditions and any obligations arising out of or in connection with it shall be governed by and construed in accordance with the laws of the UAE. Why should merchants hire a QSA company and what should be the criteria for hiring. The UAE’s Central Bank Governor’s take on the updated Regulation. The bank said it was setting the minimum paid up capital for a facility wishing to obtain a licence for the activity at SAR 5 million ($1.3 million). The announcement of the updated Regulation comes soon after the UAE Securities and Commodities Authority approved the legislation on Crypto Assets. Central Bank of The UAE shall not be liable for any contents provided on these websites, their improper usage on the part of any person or proper function or any problems arising due to their usage. In Person at our HQ offices – CBUAE Compliance Unit, In writing to Compliance Unit/ CBUAE PO Box 854, Abu Dhabi, UAE. Using the Website by any means for sending an e-mail, anything of it or on its behalf, by referring to it, or assuming the identity of its name involving offence or libel of Central Bank of The UAE, Website or any person whomsoever, announcing any untrue news or information and ascribing it to Central Bank of the UAE unlawfully. He further quoted that the new regulation is a significant milestone in the development of a robust Regulatory Framework of Stored Value Facilities and the Digital Payments Industry. It will further facilitate holders to use these digital currencies for making payments, P2P lending, remittances, and such other similar digital payment transactions. These fraudulent materials use the CBUAE’s name, logo and address, as well as names of our staff and management from time to time – all without CBUAE’s permission. The new Regulation on SVF introduced will ensure efficiency and secured digital payment operations. Pages of this Website shall be uploaded within the full window of the user or as a new one. UAE Central Bank issues new rules on dormant bank accounts Lenders told to transfer inactive funds after five years to the regulator and allow customers access to balances due Previously the central bank issued rules regarding dormant accounts in an April 2018 circular. Dubai: The UAE Central Bank is amending rules on loans given out to individual clients across the country, and specifically on the transfer of loans from one bank to another. 2.3 You may download or print information and material from this Website for personal use, use within an organization or non-commercial use. The Central Bank of the UAE has announced the issuance of a new Dormant Accounts Regulation to establish a framework for the control and protection of dormant funds in local banks. Rent registration. Whistleblowing plays a critical role in keeping our Institution honest, efficient and responsible. ... according to the Central Bank. But, they too shall be expected to comply with the new requirements and implement relevant measures by the end of the transition phase which is within a year. The UAE Central Bank first introduced a regulatory framework for the Stored Values and Electronic Payment Systems back in the year 2017. The new law, which updates old legislation dating back more than three decades, raises the central bank’s capital to Dhs20bn ($5.45bn) and allows … 5.4 Central Bank of The UAE may take the appropriate measures to protect the Website against any loss, abuse or change of information available on the Website, in which case the Central Bank shall not be liable for any damage caused to the user or any other person as a result of disclosure of confidential information shared through the Website. This clearly shows the efforts taken by the UAE Central Bank in line with the digital currency regulation and SCA UAE’s Crypto Assets Regulation to enhance the Crypto Currency, Digital Assets, and BlockChain ecosystem in the country. As per the resolution, only those institutions and companies that are established as per provisions of the Commercial Companies' Law are licensed to change money as business. 5.3 This Website and those in charge of the same shall follow comprehensive and strict information security policy. Stored Value Facilities (SVF) are channels through which users can store money digitally and use it … Banks will have to start complying with the changed retail lending system when it becomes law from May 1. The website title shall not collect personal information about you when accessing the website unless you choose specifically and willingly to provide such information to us. 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