The Dubai Financial Services Authority, the financial regulatory agency for the special economic zone, the Dubai International Financial Center, is looking to strengthen local regulations regarding digital currencies.
The DFSA plans to introduce a regulatory framework for diversified digital assets as part of its 2022/2021 business plan issued on January 18.
and according to the Dubai Financial Services Authority (DFSA), the upcoming cryptocurrency framework will broaden the DFSA's regulation of digital asset issuers and associated trading platforms.
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The framework will include a number of types of digital assets such as cryptocurrencies and digital currencies such as Bitcoin (BTC).
The Dubai Authority said: We will build on recent achievements in this field during the business planning period by developing a regulatory system for digital assets (such as digital securities and digital currencies), after That we have already implemented regulations that support various innovative business models.
According to a report by local news agency The National, the DFSA is planning to publish two advisory papers to solicit comments on the upcoming rules.
Peter Smith, Head of Strategy, Policy and Risk at the Dubai Financial Services Authority, said that the consultations will be issued in the first two quarters of 2021.
and Smith continued: We will look to regulate a wide range of digital assets, including coded securities, service tokens, and various types of exchange tokens, such as cryptocurrencies and corporations. Provides related services in these markets.
The first rules related to digital currencies appeared in the UAE more than two years ago. In June 2018, the Financial Services Regulatory Authority (FSRA) published for the Abu Dhabi Global Market guidance on digital currencies, exchanges and ICOs.
and the authority has continued to actively participate in the industry, awarding numerous regulatory approvals to companies such as the Bit Oasis cryptocurrency exchange in 2019.
