3. What types of activities require a license in your jurisdiction?
What types of activities require a license in your jurisdiction?

The CBUAE regulates the below activities:

  • Taking deposits of all types, including Shari`ah-compliant deposits
  • Providing credit facilities of all types
  • Providing funding facilities of all kinds, including Shari`ah-complaint funding facilities
  • Providing currency exchange and money transfer services
  • Providing monetary intermediating services
  • Providing stored values services, electronic retail payments and digital money services
  • Providing virtual banking services
  • Arranging and/or marketing for Licensed Financial Activities
  • Acting as a principle in financial products that affect the financial position of the Licensed Financial Institution, including but not limited to foreign exchange, financial derivatives, bonds and sukuk, equities, commodities, and any other financial products approved by the Central Bank

The Central Bank regulates Stored Value Facilities, including crypto currencies and the ESCA regulates crypto-assets.

The regulators in the Financial Free Zones regulate various activities, including the following:

  • Accepting deposits
  • Dealing in investments as principal or as agent
  • Providing credit
  • Managing assets
  • Operating collective investment funds
  • Providing custody and trust services
  • Acting as a trustee of a fund
  • Advising on financial products or credit
  • Insurance intermediation and management
  • Carrying out payment services
  • Consumer lending
  • Providing investment advice
  • Trading in securities and other investments as principal or as agent
  • Arranging transactions in investments
  • Managing profit-sharing investment accounts
  • Crowdfunding