Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The Dubai International Financial Center (DIFC) has declared the implementation of the Digital Assets Law along with amendments to various legislative measures. This initiative aims to offer legal clarity to local investors and users of digital assets.
New regulations regarding digital assets have been enacted in the Dubai International Financial Center (DIFC). This legislation ensures that the DIFC’s laws are in harmony with the swiftly changing international trade and financial landscapes.
The Digital Assets Law outlines the legal attributes of cryptocurrencies concerning their control, transfer, and circulation. This new legislation greatly enhances the potential for utilizing digital assets in investment and international trade. Notably, the DIFC officially acknowledges electronic records, which streamlines the transfer of documents. Under the new law, certain digital assets may also be classified as money and will be subject to the relevant legal regulations.
Jacques Visser, Chief Legal Officer at the DIFC, remarked that the law thoroughly delineates the legal attributes of digital assets in terms of ownership and is unprecedented in its scope.
Related Posts
Alongside the introduction of the Digital Assets Law, the DIFC has revised several other legislative measures to address various legal applications of digital assets. The amendments specifically pertain to:
- the Contracts Law;
- the Law on Obligations;
- the Law of Security;
- the Law of Damages and Remedies;
- the Trust Law;
- the Foundations Law.
Visser noted that the law embodies the DIFC’s commitment to align with global regulatory practices in the crypto market and to foster the advancement of innovative technologies in the region by establishing a transparent and robust regulatory framework for digital assets.
The Dubai International Financial Center (DIFC) operates as a free economic zone and ranks among the largest financial centers in the Middle East, Africa, and South Asia (MEASA). Its legal framework is founded on English law rather than UAE civil and commercial law. The DIFC maintains its own judicial system. The primary currency utilized is the U.S. dollar.
In early 2023, the Dubai Virtual Asset Regulatory Authority (VARA) released regulations for virtual asset service providers (VASP), and the DIFC commenced issuing licenses to companies in the Web3 and AI sectors at a reduced rate.
Сообщение Dubai Adopted Legislative Framework for Digital Assets появились сначала на CoinsPaid Media.
