Dubai Introduces Comprehensive Digital Asset Legislation, Unveils New Security Laws

Dubai International Financial Center (DIFC), an economic free zone with over 5,000 residents, has announced via legislation...

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The Dubai International Financial Centre (DIFC), an economic free zone with over 5,000 residents, has announced the enactment of new digital asset and cybersecurity laws, as well as amendments to existing laws.

This new legislation is a breakthrough, establishing a comprehensive legal framework for digital assets as a matter of property law. This was emphasized by Jacques Visser, the Legal Counsel of DIFC Authority. The Digital Assets Law consists of seven pages of text and annexes, and has amended at least six previous laws to update them for digital assets.

The Security Law 2024, which is much longer, replaces the 2005 law and the 2019 amendment, while incorporating the Security Interests Regulation into the law’s text. DIFC stated that the new law is modeled on the United Nations Commission on International Trade Law’s Model Law on Secured Transactions and is in line with best international practices.

DIFC updated its cryptocurrency regulations in 2022. It began granting licenses to artificial intelligence and Web3 companies in 2023. DIFC showed a net profit of $203 million in 2023, a 45% increase from the previous year. It also witnessed a 34% increase in new registrations during that year. This includes the growing presence of hedge funds among new participants, as well as the influx of businesses from Europe and the United States.

SOURCEvietstock
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