The exclusive business of a Payment Token Issuer shall be the performance of the Payment Token Issuing for which it has been granted a License.
a)
In addition to performing the sale or transfer of Payment Tokens that forms part of its Payment Token Issuing, a Payment Token Issuer shall be responsible for the generation of Payment Tokens, development and maintenance of associated technology required for Payment Tokens to operate in accordance with their White Paper and Customer Terms, and burning of Payment Tokens. If any of those activities are performed by another Person, they must be performed on behalf of the Payment Token Issuer and in accordance with the outsourcing requirements under Article (20).
2.
The exclusive business of a Payment Token Conversion Provider or Payment Token Custodian and Transferor which is a Virtual Assets Exchange Platform Operator shall be the performance of:
a)
any Payment Token Conversion and Payment Token Custody and Transfer activities for which it has been granted a License or Non-Objection Registration; and
b)
any Virtual Asset activities for which it is licensed or regulated by SCA or any Local Licensing Authority prior to receipt of its License or Non-Objection Registration under this Regulation.
3.
The exclusive business of a Payment Token Conversion Provider or Payment Token Custodian and Transferor which is an Exchange House shall be the performance of:
a)
Any Payment Token Conversion and Payment Token Custody and Transfer activities for which it has been granted a License or Non-Objection Registration; and
b)
any activities for which it is licensed or regulated by the CBUAE under the Regulations re Licensing and Monitoring of Exchange Business.
4.
The exclusive business of a Payment Token Conversion Provider or Payment Token Custodian and Transferor which is licensed under the Retail Payment Services and Card Schemes Regulation or the Stored Value Facilities (SVF) Regulation shall be the performance of:
a)
any Payment Token Conversion and Payment Token Custody and Transfer activities for which it has been granted a License; and
b)
any activities for which it is licensed, regulated or otherwise approved by the CBUAE under the Retail Payment Services and Card Schemes Regulation or the Stored Value Facilities (SVF) Regulation.
5.
Except where one of Article (17)2 to Article (17)4 apply or the Payment Token Conversion Provider or Payment Token Custodian and Transferor is a Bank, the exclusive business of a Payment Token Conversion Provider or Payment Token Custodian and Transferor shall be the performance of any Payment Token Conversion and Payment Token Custody and Transfer activities for which it has been granted a License.