CBSR · 证据资料库
阿联酋稳定币监管证据 | CBSR 历史快照
浏览 13 条阿联酋稳定币监管记录，核对发行路径、储备、收益边界、来源定位、效力与复核状态；数据为 CBSR 2026 年 8 月 20 日历史快照。
本法域应如何阅读
阿联酋档案必须按监管范围阅读：CBUAE 在岸支付代币规则，与 VARA、ADGM-FSRA、DIFC-DFSA 安排不同。关键区别是快照把一般支付渠道留给获许可迪拉姆支付代币，并对外国支付代币另作处理；自贸区规则不能自动替代在岸规则。
覆盖与未完成复核
四个监管问题与对应证据
发行准入路径
ae-pt-issuer_pathway-001
记录区分 CBUAE 许可的迪拉姆支付代币、登记境外发行人的外国支付代币、银行子公司与自贸区路径；AED 发行范围不能混同。
快照记录原文 · 不是法条逐字引文
Onshore, a Dirham Payment Token (DPT) may be issued only by a CBUAE-licensed, UAE-incorporated entity; a Foreign Payment Token (FPT) is a registered foreign issuer's token that may be used only to purchase virtual assets or derivatives, not for general payments. Banks may issue payment tokens through a subsidiary. Free-zone issuers operate under the VARA/FSRA/DFSA frameworks but cannot issue AED tokens — AED issuance is reserved to the CBUAE regime.储备与资产支持
ae-pt-reserve_backing-001
摘要分别描述在岸 100% 隔离储备、银行子公司资产构成，以及各自贸区要求；不能将其中一个范围的比例套用到全部阿联酋安排。
快照记录原文 · 不是法条逐字引文
Onshore: 100% backing, segregated in UAE banks. The bank-subsidiary option requires at least 50% cash plus UAE government bonds / CBUAE monetary bills. Free-zone frameworks impose their own reserve requirements (e.g., the ADGM FRT framework requires high-quality liquid reserves).允许活动与收益边界
ae-pt-permitted_activity_yield-001
历史记录区分在岸发行人付息禁止与 ADGM 对投资或储蓄宣传的边界，避免把赚取储备收入与向持有人付息混为一谈。
快照记录原文 · 不是法条逐字引文
Issuer-paid yield is prohibited onshore (CBUAE). ADGM permits the issuer to earn reserve income but bans the promotion of the token as an investment or savings product. The operative line in ADGM is promotion, not the earning of reserve income — an approach that resembles the US 'solely in connection with holding' analysis more than a flat prohibition.货币主权与跨境准入
ae-pt-monetary_sovereignty-001
记录将限制描述为使用渠道限制：一般商品服务支付与虚拟资产或衍生品购买分开处理，而不是总量上限。
快照记录原文 · 不是法条逐字引文
The CBUAE PTSR imposes a channel restriction grounded in monetary sovereignty: no merchant may accept a virtual asset as payment for goods or services unless it is a Dirham Payment Token from a CBUAE-licensed issuer. Foreign payment tokens may be accepted only to buy virtual assets or derivatives, not for general onshore payments. This is a usage-channel restriction, not an aggregate cap — there is no volume ceiling, but foreign tokens are excluded from the general-payments channel, which is reserved for CBUAE-licensed Dirham Payment Tokens.完整记录清单
| 记录 / 维度 | 来源定位原文 | 效力状态 | 复核时效 | 来源检查日 |
|---|---|---|---|---|
| 反洗钱与客户识别 | AML — federal AML/CFT + FATF travel rule; per-regulator obligations | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 银行及非银行路由 | Licensing of bank and non-bank payment-token issuers | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 资本要求 | Capital — per CBUAE PTSR onshore; per free-zone framework | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 跨境数据 | Cross-border data — PDPL onshore; DIFC/ADGM own regimes; transfer rules vary by zone | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 分销 | Distribution — channel restriction; free-zone issuers carved out of onshore perimeter | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 实施状态 | Timeline — PTSR 2024; one-year transition closed; AED + DFSA-recognised USD tokens live | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 发行准入路径 | Issuer pathways — DPT (CBUAE-licensed); FPT (foreign, VA/derivative-only); bank subsidiary; free-zone cannot issue AED | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 货币主权与跨境准入 | Channel restriction — merchants may accept only CBUAE-licensed Dirham Payment Tokens for goods/services; foreign tokens VA/derivative-only | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 允许活动与收益边界 | Yield — prohibited onshore; ADGM permits reserve income but bans investment/savings promotion | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 赎回 | Redemption — CBUAE par <= next business day; ADGM par within T+2 | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 监管机构 | Regulators — CBUAE onshore; VARA / ADGM-FSRA / DIFC-DFSA free zones | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 储备与资产支持 | Reserve/backing — 100% segregated in UAE banks; bank-subsidiary >=50% cash + UAE govt bonds/CBUAE bills | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 证券属性认定 | Payment-token perimeter (CBUAE) vs. securities (SCA) | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |