The Central Bank of the UAE (“CBUAE”) Large Value Payment Systems (“LVPS”) Regulation (the “Regulation”) (Link) came into force on the 10 February 2021. This Regulation was published alongside the Retail Payment System (“RPS”) regulation with the aim of promoting a robust financial infrastructure and building the essential framework for financial stability and consumer protection in the UAE.
The Regulation sets standards for financial infrastructure systems that support wholesale payment activities in the UAE. It covers licensing requirement, obligations, and requirements of LVPS and the powers the CBUAE’s has in relation to governance and enforcement under this Regulation.
Here are the key highlights from the Regulation:
Authored by Bryce Mendonca (Junior Associate) with inputs from Akshata Namjoshi (Lead: Fintech, Blockchain and Emerging Tech).
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