This week, the Central Bank of UAE (CBUAE) released the Retail Payment Systems Regulation (RPS) (Regulation) (link) which governs RPS, defined to include systems which handle low-value, high volume payments such as cheques, credit transfers, direct debit, card payments, amongst other things. This regulation comes in consonance with the SVF regulations, the Crypto-Assets Guidelines and the Large Value Payment Systems Regulations. Together, these instruments indicate that UAE is moving quick to establish itself as a leader in blockchain, crypto and fintech. Here are the top 10 takeaways from the Regulation.
Authored by Ratul Roshan (Associate) with inputs from Akshata Namjoshi (Lead: Fintech, Blockchain & Emerging Tech)
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