The Riffle
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Deal a pack…but get regulated

Deal a pack…but get regulated

DFSA issues clarifications on issuing cards

May 17, 2023

ornate diorite ace of spades playing card --s 1000 --ar 2:3

Hot off the press!

Does your firm help clients receive a physical or a virtual debit card?

Yes…

Get regulated!

What? Wait a minute…I just assist them - another company issues the actual card, and even manages it!

Lower risk, but you would still Advise or Arrange on Money Services, which is a DFSA-regulated activity.

3 sentences please.

Do you:

introduce a potential user to a Money Services Provider (whether the provider is in the DIFC or outside the DIFC);
assist a potential user to use Money Services, for example by completing application forms and other processes relevant to the transaction; or
negotiate terms related to Money Services, including any fees payable to the arranger?

Yes? Then you would have to get regulated by the DFSA.

That’s 4 sentences actually. But point taken. Will get in touch!

The Riffle

The DFSA issues a clarification on arranging issuance of physical or virtual cards, and emphasizes that such activities would have to come under the purview of regulation.