The onshore UAE (the mainland and the non-financial free zones, excluding the DIFC and ADGM) is regulated federally by the Central Bank of the UAE for banking, payments, stored value and payment tokens, and by the Capital Market Authority (formerly the Securities and Commodities Authority) for securities and virtual assets. In the Emirate of Dubai, outside the DIFC, virtual asset service providers are licensed by the Virtual Assets Regulatory Authority (VARA).
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes8
CurrencyAED
S&P ratingAA
Next electionOctober 2027
The FATF removed the UAE from its grey list on 23 February 2024 and the UAE is not on the list published after the June 2026 plenary (17 to 19 June 2026); the EU added the UAE to its high-risk third country list by Delegated Regulation (EU) 2023/410 and removed it by Delegated Regulation (EU) 2025/1184, and it is absent from the consolidated list of 29 January 2026; not on EU tax list Annex I as updated 17 February 2026. Checked 7 October 2026.
Government and politics
Government
Federal elective constitutional monarchy (federation of seven emirates)
President
Mohamed bin Zayed Al Nahyan · since May 2022
Prime Minister and Vice President
Mohammed bin Rashid Al Maktoum
Governing parties
No political parties in government
Last election
Federal National Council (electoral college vote), 7 October 2023
Next election
Federal National Council, October 2027. The Federal Supreme Council's five-yearly election of the President is also due in 2027; political parties are banned
Legislature
Federal National Council (unicameral, advisory; 40 seats: 20 indirectly elected, 20 appointed); the Federal Supreme Council of the seven emirate rulers is the highest constitutional authority
Legal system
Civil law system with Islamic (sharia) law
Economy and finance
Population
11.5m (2025)
GDP
USD 571.6bn (2025)
GDP per person
USD 50,232 (2025)
Currency
UAE dirham (AED), pegged to USD at 3.6725 per dollar
Central bank
Central Bank of the UAE
Credit rating
S&P AA (stable) · Moody's Aa2 (stable) · Fitch AA- (stable) (as of June 2026)
Oil and gas remain central, but trade, logistics, tourism, real estate and finance centred on Dubai and Abu Dhabi now drive a diversified economy, with onshore banks licensed and supervised by the Central Bank of the UAE.
Bank
Bank licence (UAE-incorporated bank, specialised bank or branch of a foreign bank)
Minimum capitalUSD 544.6m
TimelineNot published
AuthorityCentral Bank of the UAE
AED 2 billion fully paid-up capital for a UAE-incorporated bank; AED 300 million for a specialised bank; a foreign bank branch needs AED 100 million at branch level plus AED 2 billion eligible capital at entity level
Law
Federal Decree-Law No. (6) of 2025 Regarding the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business, Articles 60 and 61; CBUAE Minimum Capital for Banks Regulation (C 12/2021), Article 3
Passporting
No. A CBUAE licence covers the onshore UAE only; the DIFC and ADGM have separate regulators.
Key requirements
Minimum capital must be met solely with fully paid-up capital and held on an ongoing basis
Taking deposits and providing credit or funding facilities are Licensed Financial Activities requiring a CBUAE licence
Fit and proper controllers, board and senior management
Risk-based capital adequacy on top of the minimum paid-up capital
Retail Payment Services licence (Category I, II, III or IV)
Minimum capitalUSD 27k
TimelineNot published
AuthorityCentral Bank of the UAE
Category I: AED 3 million (AED 1.5 million if monthly average payment transactions below AED 10 million); Category II: AED 2 million (AED 1 million); Category III: AED 1 million (AED 500,000); Category IV (payment initiation and account information only): AED 100,000
Law
CBUAE Retail Payment Services and Card Schemes Regulation (C 15/2021), Articles 3 and 6
Passporting
No. Onshore UAE only.
Key requirements
Category I covers payment accounts, payment instruments, merchant acquiring, aggregation, domestic and cross-border transfers and payment token services
Category II is the same without payment token services; Category III also excludes cross-border transfers
Category IV is limited to payment initiation and payment account information services
Aggregate capital funds must not fall below the initial capital for the category held
Payment Token Services licence (issuance, conversion, custody and transfer)
Minimum capitalUSD 4.1m
TimelineNot published
AuthorityCentral Bank of the UAE
Payment token issuer: AED 15 million initial and ongoing capital plus 0.5% of the face value of outstanding tokens (2% under the alternative reserve regime); custody and transfer or conversion providers: AED 3 million (AED 1.5 million if monthly average transfers below AED 10 million)
Paid-up capital by activity: Advisory AED 100,000; Broker-Dealer the higher of AED 600,000 or 25% of fixed annual overheads (AED 400,000 or 15% if using a VARA-licensed custodian); Custody the higher of AED 600,000 or 25%; Exchange the higher of AED 1.5 million or 25% (AED 800,000 or 15%); Lending and Borrowing and Transfer and Settlement the higher of AED 500,000 or 25%; Management and Investment the higher of AED 500,000 or 25% (AED 280,000 or 15%); capital is cumulative per activity
Law
Dubai Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai; VARA Virtual Assets and Related Activities Regulations 2023; VARA Company Rulebook, Part VI.B
Fees
Licensing and supervision fees are set in a schedule to the VARA Regulations 2023; about 50% of the application fee is paid at the first stage.
Passporting
No. Covers Dubai mainland and Dubai free zones, excluding the DIFC.
Key requirements
Two stages: Approval to Incorporate via Dubai Economy and Tourism or a Dubai free zone, then the full VASP licence
Eight licensable activities: advisory, broker-dealer, custody, exchange, lending and borrowing, management and investment, transfer and settlement, Category 1 VA issuance
Custody must sit in a separate legal entity with a standalone licence
Proprietary trading is prohibited within the licensed entity
Paid-up capital held in a trust account with a UAE bank or a surety bond naming VARA
Virtual asset service provider licence (federal, outside Dubai and the financial free zones)
Minimum capitalNot published
TimelineNot published
AuthorityCapital Market Authority (formerly SCA)
Law
Cabinet Resolution No. 111 of 2022 Regulating Virtual Assets and their Service Providers; Federal Decree-Law No. (33) of 2025 on the regulation of capital markets
Fees
Cabinet Resolution No. 83 of 2025 sets the fees for services provided to virtual asset service providers; amounts not verified.
Passporting
No.
Key requirements
Applies to virtual asset activities across the UAE including non-financial free zones, excluding the financial free zones and activities regulated by the CBUAE or VARA
AML/CFT compliance and technical and operational standards set by the regulator
Federal Decree-Law No. (32) of 2025 regarding the Capital Market Authority and Federal Decree-Law No. (33) of 2025 regarding the regulation of capital markets (in force 1 January 2026)
Passporting
No.
Key requirements
Licence from the CMA required for regulated capital market activities onshore
The 2025 decree-laws introduced new regulated financial activities and stronger prudential oversight
Fit and proper management and compliance and AML officers
Central Bank of the UAE (CBUAE) · websitebanks, Payment service providers, E-money institutions, payment tokens, finance companies, exchange houses, Insurance
Capital Market Authority (formerly Securities and Commodities Authority) (CMA) · websiteInvestment firms, Virtual asset service providers (VASPs)
Federal Decree-Law No. (6) of 2025 replaced Decretal Federal Law No. (14) of 2018 and came into force on 16 September 2025; Article 184 gave existing persons one year to comply, extendable by the CBUAE Board, and whether that period was extended was not verified. Article 62 brings DeFi, dApps and payment-related virtual asset activity within CBUAE licensing where it amounts to a Licensed Financial Activity, while virtual assets used for investment or exchange between virtual assets fall under other legislation. Several CBUAE regulations (SVF, minimum capital) still cite the 2018 law; they remain listed as in force in the CBUAE Rulebook. The Securities and Commodities Authority was renamed the Capital Market Authority by Federal Decree-Law No. (32) of 2025, effective 1 January 2026. The CMA reportedly issued a revised Virtual Assets Framework in 2026 with eight regulated activities and risk-based capital, but the official text was not retrieved, so no capital figures are given. No official CBUAE timeline or application fee for bank or payment licences was found. Finance companies and exchange houses are also licensed by the CBUAE but are not covered here. Commercial gaming is regulated federally by the General Commercial Gaming Regulatory Authority, but its official site could not be accessed, so no gaming licence is listed. DIFC and ADGM are covered in separate entries.
General information
About United Arab Emirates
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Abu Dhabi
Largest city
Dubai
Area
83,600 km²
Official languages
Arabic
Time zone
UTC+04:00
Main exports
crude petroleum
refined petroleum
gold
broadcasting equipment
natural gas
Main export partners
China
India
Japan
Iraq
Thailand
Sources for the country information(11)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
