UAE: DFSA enhances its Crypto Token framework, fostering innovation

The Dubai Financial Services Authority (DFSA) today announced some key amendments to its Crypto Token regime.

These changes stem from the proposals outlined in “Consultation Paper 153 – Updates to the Crypto Token” regime published in January 2024 and mark a significant step in refining and advancing the regulatory environment for Crypto Tokens in the Dubai International Financial Centre (DIFC).

The amendments addressed the ability to offer units of external and foreign funds investing in recognised Crypto Tokens, the ability for domestic qualified investor funds to invest in unrecognised Crypto Tokens, custody of Crypto Tokens, and staking of Crypto Tokens.

The amendments also addressed financial crimes through anti-financial crime compliance guidelines, including applying the “Travel Rule,” transaction monitoring and blockchain analysis, the recognition of Crypto Tokens, and fees for recognising Crypto Tokens.

These changes are based on recent market developments, recommendations from international standard-setters and the DFSA’s supervisory experience.

Over the past two years, the DFSA has engaged with over 100 firms looking to be licensed, gaining valuable insights into the market dynamics and regulatory needs.

Ian Johnston, Chief Executive of the DFSA, said, “Our objective with the Crypto Token regime is to foster innovation in a responsible and transparent manner while ensuring we meet our regulatory objectives. At the DFSA, we have taken a balanced approach in developing this regime and remain committed to evolving it in line with global best practices and standards.”

16 May 2024

EU: EU members want to make it easier for investors to get double taxation refunds

It could soon become easier for investors in other European countries to get refunds for cases of double-taxation. European Union finance ministers agreed to a plan to help EU residents quickly receive

Read More
20 January 2024

ARBITRATION: Singapore-Netherlands competent authority mutual agreement

On 12 January 2024, the competent authorities of the Republic of Singapore and the Kingdom of the Netherlands signed a competent authority arrangement (“CAA”) to establish the mode of application

Read More
30 May 2024

EU: Georgian Parliament overrides president’s veto on offshore law

The Georgian Parliament did not consider the president’s substantiated remarks presented during the veto procedure on the offshore law and thus overrode the veto. In her remarks, Georgian president Salome

Read More
1 November 2024

GREEN FINANCE: Global climate finance reached $1.5 trn in 2022, must rise fivefold

Global investment in combating and adapting to climate change reached nearly $1.5 trillion, doubling between 2018 and 2022, but it must increase at least fivefold by 2030 to limit warming to 1.5 degrees

Read More