Regulatory framework for digital financial assets to invest in Dubai

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Consultation document No published by the Commission in March 2021. The DFSA launched the regulatory framework on digital financial assets for investment purposes on the basis of the proposals of Article 138, and is the first phase of the system of digital assets of the DFSA.

The regulatory framework defines a digital financial asset for investment purposes as a digital financial asset or other digital financial derivative. These mainly include:

பத்திர Securities and financial derivatives in digital form, protected by cryptography, to represent rights and obligations issued and transferred using distributed ledger technology (DLT) or similar technologies.

• Derivatives of any digital system protected by cryptography to represent rights and obligations transferred, stored and distributed using distributed ledger technology (DLT) or similar technologies; Or (ii) has a purpose or effect which is substantially similar to securities and financial derivatives.

Peter Smith, Head of Policy, Strategy and Risk, DFSA, said: “Creating a catalytic ecosystem for innovative businesses to thrive in the UAE is a top priority for the UAE government, the government of Dubai and the DFSA.

Our consultation article on Digital Financial Assets for Investing helped us understand what businesses expect from a regulatory framework and provide a market-friendly framework. We look forward to receiving applications from companies interested in contributing to the continued growth of futuristic financial services at DIFC.

Encrypted Tokens

DFS has developed proposals for cryptocurrencies that are not included in the regulatory framework for digital financial assets for investment purposes, such as exchangeable crypto-tokens (also known as cryptocurrencies), utility tokens, and crypto – asset backed tokens (staplecoins). )). The Commission plans to publish a second consultation article in the last quarter of this year.

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