1. What are the sources of payments law in your
jurisdiction?
The sources of payments law in the UAE depend on whether the
payment service is governed by the laws of the United Arab Emirates
(the "UAE"), or by the laws of distinct jurisdictions
such as the Dubai International Financial Centre (the
"DIFC") or the Abu Dhabi Global Market (the
"ADGM") (the "Financial Free Zones"), all of
which have their own payment laws.
UAE Onshore
The Regulatory Framework for Stored Values and Electronic
Payment Systems 2017 (the "2017 Regulations") governs the
provision of payment services subject to the jurisdiction of the
UAE.
The 2017 Regulations was issued by the UAE central bank pursuant
to the authority granted to it under Union Law No. 10 of 1980
concerning the central bank, the monetary system and organization
of banking.
