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Dubai’s financial authority has implemented various modifications to the legal framework governing the use of cryptocurrencies within the Dubai International Financial Centre (DIFC). This initiative addresses multiple aspects of digital asset utilization and seeks to enhance the regulatory environment for tokens in the designated economic zone.
The Dubai Financial Services Authority (DFSA) revealed changes to the legal structure overseeing crypto-asset usage, which were published in January 2024 and are applicable within the DIFC, Dubai’s designated economic zone.
The modifications impact several facets of digital asset usage:
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- Investment funds. The authority removed stringent limitations for investment funds that previously barred them from investing in crypto tokens not included on the list of “authorized” assets. Local funds are now permitted to invest in “unrecognized” cryptocurrencies, as long as the investment volume does not surpass 10% of the fund’s gross asset value (GAV). The list of “authorized” tokens comprises BTC, ETH, LTC, XRP, and TON.
- Stablecoin listings. The DFSA reduced the fee that stablecoin issuers are required to pay to the regulator when seeking authorization for use within the DIFC. The fee, which was initially set at $10,000, has been decreased to $5,000. Other stipulations from the DFSA for stablecoin issuers remain unchanged.
Ian Johnston, former Director of the DFSA, stated that the main objective of this initiative is to foster innovation while ensuring a transparent regulatory framework.
The updated regulations concerning digital assets took effect in the Dubai International Financial Centre (DIFC) in March 2024.
Сообщение Dubai Eases Digital Assets Regulation появились сначала на CoinsPaid Media.
