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Crypto (CASP / VASP) E-money (EMI)
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Dimension Pinned
🇸🇬 Singapore analogue partly open
Verified 2026-08-15
 🇦🇪 United Arab Emirates (Dubai - VARA) analogue partly open
Verified 2026-07-15
Licence type No EMI. Major Payment Institution (MPI) licence under the Payment Services Act, covering e-money issuance and account issuance. Standard PI for smaller volumes.
Verified 2026-08-15 Source: Current national regulator authorisation material: https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers
No EMI. Stored Value Facility (SVF) licence and Retail Payment Services under the Retail Payment Services and Card Schemes Regulation, federal.
Verified 2026-07-03 Source: CBUAE, https://rulebook.centralbank.ae/en/rulebook/retail-payment-services-and-card-schemes-regulation
Regulator Monetary Authority of Singapore (MAS).
Verified 2026-08-15 Source: Current national regulator authorisation material: https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers
Central Bank of the UAE (CBUAE). Separate from Dubai VARA, which regulates crypto.
Verified 2026-07-03 Source: CBUAE
Capital requirement Singapore capital requirement is included in the £349 pass. United Arab Emirates (Dubai - VARA) capital requirement is included in the £349 pass.
Timeline to authorisation Singapore 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 Singapore local substance is included in the £349 pass. United Arab Emirates (Dubai - VARA) local substance is included in the £349 pass.
Application cost Singapore application cost is included in the £349 pass. United Arab Emirates (Dubai - VARA) application cost is included in the £349 pass.
Ongoing cost Singapore ongoing cost is included in the £349 pass. United Arab Emirates (Dubai - VARA) ongoing cost is included in the £349 pass.
Passporting Singapore passporting is included in the £349 pass. United Arab Emirates (Dubai - VARA) passporting is included in the £349 pass.
EMIs authorised Singapore emis authorised is included in the £349 pass. United Arab Emirates (Dubai - VARA) emis authorised is included in the £349 pass.
Key restrictions Singapore key restrictions is included in the £349 pass. United Arab Emirates (Dubai - VARA) key restrictions is included in the £349 pass.
Safeguarding Singapore safeguarding is included in the £349 pass. United Arab Emirates (Dubai - VARA) safeguarding is included in the £349 pass.
Recent changes Continuing MAS refinements to the PSA.
Verified 2026-07-02 Source: MAS
Transition deadline 16 September 2026 applies to in-scope entities. This traces to Article 184 of Federal Decree-Law No. 6 of 2025 (Article text pending direct confirmation from the CBUAE rulebook) (the new consolidated Central Bank Law, which significantly expanded CBUAE's remit to cover payment services using virtual assets and technology providers facilitating financial services): the law was published in the Official Gazette on 15 September 2025 and took effect the following day, and Article 184 gives all persons newly brought into scope a one-year reconciliation period from that effective date, extendable at the Central Bank's discretion. This is separate from the older, narrower Payment Token Services Regulation (Circular 2/2024, effective 31 August 2024), whose own Article 40 sets a one-year transition period from that regulation's commencement (around 31 August 2025) for firms already providing payment token services when that narrower regulation first took effect; the two transition periods should not be conflated.
Verified 2026-07-15 Source: CBUAE Rulebook, Article (40): Transition Period, Payment Token Services Regulation (primary, confirms the narrower/earlier transition and rules it out as the source of the 16 Sep 2026 date): https://rulebook.centralbank.ae/en/rulebook/article-40-transition-period ; independent secondary confirmations of Article 184 / Federal Decree-Law 6 of 2025, one appearing to quote CBUAE's own legislation explainer: https://www.glaco.com/blog/new-cbuae-law-no-6-of-2025-a-consolidated-overhaul-of-the-uae-financial-regulatory/ and https://chambers.com/articles/new-cbuae-law-no-6-of-2025-a-consolidated-overhaul-of-the-uae-financial-regulatory-framework ; original stored source retained: https://cms.law/en/are/legal-updates/the-new-cbuae-payment-token-services-regulation-10-things-you-need-to-know2
Difficulty rating Singapore 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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Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.

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