The Dubai Financial Services Authority announces a framework governing investment in digital tokens
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Answer The Dubai Financial Services Authority announces a framework governing investment in digital tokens
The Dubai Financial Services Authority (DFSA) has become the latest financial regulatory authority to launch a clear regulatory structure for investment tokens in the region.
In a recent press release, the DFSA stated that the regulatory framework defines investment tokens as security tokens or derivative tokens.
In addition, the authority is developing proposals for digital currencies that are not covered by the regulatory framework.
The DFSA plans to issue a second advisory paper in the fourth quarter of 2021.
The investment tokens regulatory framework applies to persons interested in issuing, trading and owning investment tokens in the region.
The DFSA also demonstrated the increasing use of blockchain technology.Read:The US Navy believes that blockchain technology can enhance the process of tracking aircraft parts
Creating an ecosystem for innovative companies to thrive in the UAE is a major priority for the UAE Government, Dubai Government and Dubai Financial Services Authority.
Our consultation on investment tokens enabled us to understand what companies were looking for in a regulatory framework and to provide an appropriate system for the market.
We look forward to receiving applications from companies interested in and contributing to the continued growth of future-focused financial services in the DIFC.
Crypto adoption in the UAE:
The adoption of blockchain technology and digital assets in Dubai has increased rapidly over the past few months.
In September 2021, the Securities and Commodities Authority (SCA), the financial regulator in the UAE, and the Dubai World Trade Center Authority (DWTCA) signed an agreement to support the trading, listing and issuance of digital assets within the Dubai World Trade Center Free Zone.
Through the latest framework, the DFSA aims to increase the adoption of blockchain technology, DLT and digital assets in the region in a regulated environment.
As noted at the beginning of the article, the DFSA is preparing proposals for digital currencies that are not covered by the regulatory framework.Read:7 tips to help you choose the right digital currency to invest in the crypto world
The DFSA intends to issue a second advisory paper later in the fourth quarter of this year.
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