The Dubai Financial Services Authority (DFSA) will begin work on establishing a regulatory framework for digital assets, according to the 2021-2022 business plan.
The DFSA operates in the Special Economic Zone—the Dubai International Financial Centre. The regulator is responsible for oversight and compliance with international standards.
The future regulatory framework will expand the DFSA’s powers over issuers of digital assets and related trading platforms. The regulatory structure will also include requirements for tokenised securities and cryptocurrencies.
“We will build on the latest advances in this field during the planning period by developing a regime for regulating digital assets and implementing rules that support various innovative business models,” the document says.
According to The National, in 2021 the DFSA will present two papers seeking feedback on future rules.
DFSA Business Plan 21-22-Hires Spread by ForkLog on Scribd
In 2018, the Abu Dhabi financial regulator, within the Emirate’s Department of Global Markets, said it intended to extend regulation to cryptocurrency exchanges.
That year, the UAE’s Securities and Commodities Authority equated conducting ICOs with issuing securities.
In December, representatives of the cryptocurrency community acknowledged that regulators had begun taking a closer interest in the industry.
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