Presented by 10 Leaves

In this episode, we cover everything you need to know about setting up an asset management firm in DIFC — from updated capital rules and licensing steps to staffing, costs, and managing crypto assets under DFSA guidelines.

Perfect for startup founders, solo bankers, or institutions exploring the Middle East market — tune in for a clear, concise roadmap to getting licensed in DIFC.

The UAE Retail Payment Services and Card Schemes (RPSCS) Regulation, introduced by the Central Bank of the United Arab Emirates (CBUAE) in July 2021, marked a significant milestone in the country's digital payment landscape. This comprehensive guide will explore the key aspects of the RPSCS license, its requirements, and its impact on the UAE's financial sector.

The RPSCS regulation came into force on 15th July, 2021, with a one-year transitional period for existing payment service providers and card schemes to obtain the relevant licenses. This new regulatory framework aims to enhance the safety, soundness, and efficiency of retail payment services while promoting innovation and establishing the UAE as a leading payment hub.

AI brings with it unprecedented opportunities in transforming the financial services industry, but also unprecedented challenges in regulating it. Finding a balance is going to be increasingly difficult in a technology that changes in days, not years.

This discussion is on a report that outlines key insights on consumer-facing AI and its implications for global financial innovation, based on the Global Financial Innovation Network (GFIN) AI Project, co-led by the UK Financial Conduct Authority (FCA) and the Dubai Financial Services Authority (DFSA).

A recent MOU signed between DIFC and Nasscom, also aims to attract and engage Indian technology companies in the DIFC’s AI, FinTech and innovation community, fostering groundbreaking advancements that benefit the wider financial services industry.

The Innovation License initiative from the DIFC has been very successful, with over 1200 startups currently licensed, and growing at a rapid pace. The Market Explorer and Market Expansion packages, starting from US$ 189 per month, are specially tailored for Indian startups, and will help open the doors for Indian technology companies to access international markets and new avenues for capital raising.

Read more here:

The new changes include updated minimum standards for employment, provisions for part-time and remote work with pro-rata entitlements and special obligations, and updated rules on parental leave and pay. Time to update those employment contracts!

Have a listen to know all about setting up with a VARA license in the UAE!

The Virtual Assets Regulatory Authority, or V (VARA for short), established in February 2022 under Law No. (4) of 2022, represents and represents a pioneering initiative by the Dubai government to regulate the fast-growing sector of virtual assets.

As the world's first dedicated regulatory body for virtual assets, VARA aims to ensure the safe and efficient operation of Virtual Asset Service Providers, or (VASPs, ) within the emirate, thereby positioning Dubai as a leading hub for digital finance and innovation.

The proposals in this paper are intended to provide more clarity on what the DFSA requires from: (i) Authorised Firms that fall within the scope of the Client Assets regime; and (ii) Registered Auditors that prepare Client Asset Auditor’s Reports.

The Financial Services Regulatory Authority ("FSRA") released a Consultation Paper in late 2023, and invited feedback from the general public regarding suggested changes, which would mainly affect the General Rulebook ("GEN") and the Fees Rules ("FEES").

This was after a fee benchmarking exercise against other financial centres.

The approved changes came into effect on the 1st of January 2024, and are in full effect.