🇭🇰 Hong Kong vs 🇦🇪 United Arab Emirates (Dubai - VARA): e-money licensing compared
On paper, Hong Kong's No EMI. Stored Value Facility (SVF) licence under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584). and United Arab Emirates (Dubai - VARA)'s No EMI. Stored Value Facility (SVF) licence and Retail Payment Services under the Retail Payment Services and Card Schemes Regulation, federal. answer the same question; in practice the detail decides it. The two regimes differ on 8 of 10 tracked decision dimensions, including capital requirement and timeline to authorisation. This page compares the two side by side: the identity columns are free, the decision figures are one pass away, and every cell shows when it was last checked.
Hong Kong: verified 2026-07-03 · United Arab Emirates (Dubai - VARA): verified 2026-07-03
The two regimes differ on 8 of 10 tracked decision dimensions, including capital requirement and timeline to authorisation. Unlock the pass to see each figure with its source and verification date.
What changed recently
🇭🇰 Hong Kong (verified 2026-07-03): The separate Stablecoins Ordinance (Cap. 656) came into force 1 August 2025 and is administered by the HKMA. In April 2026 the HKMA granted the first stablecoin issuer licences, to Anchorpoint and HSBC, both for HKD-referenced stablecoins, requiring at least HK$25m paid-up capital and segregated reserve assets. SVF licensees under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584, the analogue regime in this row) are recognised as permitted offerors under the Stablecoins Ordinance and have a clear pathway to stablecoin issuance, but SVF and stablecoin-issuer licences remain two distinct licence types.
🇦🇪 United Arab Emirates (Dubai - VARA) (verified 2026-07-02): Transition deadline 16 Sep 2026 for in-scope entities.
Quick answers
Who regulates e-money licensing in Hong Kong and United Arab Emirates (Dubai - VARA)?
Hong Kong: Hong Kong Monetary Authority (HKMA). Not the SFC, which handles the crypto VATP regime.. United Arab Emirates (Dubai - VARA): Central Bank of the UAE (CBUAE). Separate from Dubai VARA, which regulates crypto..
What licence do you need in Hong Kong compared with United Arab Emirates (Dubai - VARA)?
In Hong Kong the authorisation route is No EMI. Stored Value Facility (SVF) licence under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584).; 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 Hong Kong vs United Arab Emirates (Dubai - VARA) comparison?
The interactive benchmark lets you pin either jurisdiction and add up to five peers; a Founder Pass or Pro subscription unlocks every gated figure with its source and verification date. This page stays free at /e-money/compare/hong-kong-vs-uae-vara.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.