🇫🇷 France vs 🇦🇪 United Arab Emirates (Dubai - VARA): e-money licensing compared
Decision context and regulator route
France and United Arab Emirates (Dubai - VARA) are commonly considered side by side for e-money authorisation. In France the route is the Etablissement de monnaie electronique. overseen by ACPR (part of the Banque de France). Not the AMF, which handles markets and crypto.; in United Arab Emirates (Dubai - VARA) it is the No EMI. Stored Value Facility (SVF) licence and Retail Payment Services under the Retail Payment Services and Card Schemes Regulation, federal. under Central Bank of the UAE (CBUAE). Separate from Dubai VARA, which regulates crypto.. The public licence and regulator fields below are open to everyone; the complete sourced comparison is included with access.
France: verified 2026-10-16 · United Arab Emirates (Dubai - VARA): verified 2026-10-16
| Dimension |
🇫🇷 France
partly open
Verified 2026-10-16
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🇦🇪 United Arab Emirates (Dubai - VARA)
analogue
partly open
Verified 2026-10-16
|
|---|---|---|
| Licence type | Etablissement de monnaie electronique. | No EMI. Stored Value Facility (SVF) licence and Retail Payment Services under the Retail Payment Services and Card Schemes Regulation, federal. |
| Regulator | ACPR (part of the Banque de France). Not the AMF, which handles markets and crypto. | Central Bank of the UAE (CBUAE). Separate from Dubai VARA, which regulates crypto. |
| Capital requirement | France capital requirement is included in the £349 pass. | United Arab Emirates (Dubai - VARA) capital requirement is included in the £349 pass. |
| Timeline to authorisation | France timeline to authorisation is included in the £349 pass. | United Arab Emirates (Dubai - VARA) timeline to authorisation is included in the £349 pass. |
| Local substance | France local substance is included in the £349 pass. | United Arab Emirates (Dubai - VARA) local substance is included in the £349 pass. |
| Application cost | France application cost is included in the £349 pass. | United Arab Emirates (Dubai - VARA) application cost is included in the £349 pass. |
| Ongoing cost | France ongoing cost is included in the £349 pass. | United Arab Emirates (Dubai - VARA) ongoing cost is included in the £349 pass. |
| Passporting | France passporting is included in the £349 pass. | United Arab Emirates (Dubai - VARA) passporting is included in the £349 pass. |
| EMIs authorised | France emis authorised is included in the £349 pass. | United Arab Emirates (Dubai - VARA) emis authorised is included in the £349 pass. |
| Key restrictions | France key restrictions is included in the £349 pass. | United Arab Emirates (Dubai - VARA) key restrictions is included in the £349 pass. |
| Safeguarding | France safeguarding is included in the £349 pass. | United Arab Emirates (Dubai - VARA) safeguarding is included in the £349 pass. |
| Recent changes | PSD3 and the PSR merge payment-institution and EMI authorisation into one payment-institution category able to issue e-money. The final compromise texts remain awaiting formal adoption and Official Journal publication as of 16 October 2026, with an indicative European Parliament plenary on 14 December 2026. After entry into force, Member States have 21 months to transpose and apply PSD3, and the PSR generally applies after 21 months. Existing EMIs may continue for 27 months, with an exceptional further three-month extension. | The ordinary Article 184 reconciliation period under Federal Decree-Law No. 6 of 2025 ended on 16 September 2026, one year after the Decree-Law took effect. The CBUAE Board may extend the period at its discretion. The CBUAE states that earlier decisions, standards, guidelines and circulars continue until replaced. |
| Difficulty rating | France difficulty rating is included in the £349 pass. | United Arab Emirates (Dubai - VARA) difficulty rating is included in the £349 pass. |
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What changed recently
🇫🇷 France (verified 2026-10-16): PSD3 and the PSR merge payment-institution and EMI authorisation into one payment-institution category able to issue e-money. The final compromise texts remain awaiting formal adoption and Official Journal publication as of 16 October 2026, with an indicative European Parliament plenary on 14 December 2026. After entry into force, Member States have 21 months to transpose and apply PSD3, and the PSR generally applies after 21 months. Existing EMIs may continue for 27 months, with an exceptional further three-month extension.
🇦🇪 United Arab Emirates (Dubai - VARA) (verified 2026-10-16): The ordinary Article 184 reconciliation period under Federal Decree-Law No. 6 of 2025 ended on 16 September 2026, one year after the Decree-Law took effect. The CBUAE Board may extend the period at its discretion. The CBUAE states that earlier decisions, standards, guidelines and circulars continue until replaced.
Quick answers
Who regulates e-money licensing in France and United Arab Emirates (Dubai - VARA)?
France: ACPR (part of the Banque de France). Not the AMF, which handles markets and crypto.. United Arab Emirates (Dubai - VARA): Central Bank of the UAE (CBUAE). Separate from Dubai VARA, which regulates crypto..
What licence do you need in France compared with United Arab Emirates (Dubai - VARA)?
In France the authorisation route is Etablissement de monnaie electronique.; in United Arab Emirates (Dubai - VARA) it is No EMI. Stored Value Facility (SVF) licence and Retail Payment Services under the Retail Payment Services and Card Schemes Regulation, federal.. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full France vs United Arab Emirates (Dubai - VARA) comparison?
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Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.