Dubai financial regulator working on regulations for cryptocurrencies

The Dubai Financial Services Authority is reportedly looking to introduce two crypto-related consultation papers as part of its business plan in 2021.

The Dubai Financial Services Authority, the financial regulatory agency for the special economic zone, the Dubai International Financial Centre, is looking to enhance local cryptocurrency-related regulations.

The DFSA is planning to introduce a regulatory framework for diverse digital assets as part of its 2021–2022 business plan released on Jan. 18.

According to the DFSA, the upcoming crypto framework will further expand the DFSA’s regulation of digital asset issuers and associated trading platforms. The framework will include a number of digital asset types like tokenized securities and cryptocurrencies like Bitcoin (BTC):“We will build upon recent achievements in this space over the business planning period through developing a regulatory regime for digital assets (such as tokenised securities and crypto-currencies), having already implemented regulations supporting various innovative business models.”

According to a report by local news agency The National, the DFSA plans to publish two consultation papers seeking feedback on the upcoming rules. Peter Smith, the DFSA’s head of strategy, policy and risk, said that the two consultations will be released in the first two quarters of 2021. “We will look to regulate a wide range of digital assets, including security tokens, utility tokens, the various types of exchange tokens, such as cryptocurrencies and the firms that provide relevant services in these markets,” Smith noted.

The UAE’s first cryptocurrency-related rules emerged more than two years ago. In June 2018, the Financial Services Regulatory Authority, or FSRA, of the Abu Dhabi Global Market published guidance on cryptocurrencies, exchanges and initial coin offerings. The FSRA continued to actively engage with the industry, granting several regulatory approvals to companies like the BitOasis cryptocurrency exchange in 2019.
http://dlvr.it/RqvJW4

You might be interested in …

Chinese Miners Migrate to Nordic Regions, Mining Exec Says Hashrate Migration One of the ‘Biggest Developments’

Uncategorized

China has the largest concentration of bitcoin miners worldwide with estimates noting the country captures anywhere between 50-65% of the global hashrate. Xinjiang, the autonomous region of the People’s Republic of China, ostensibly accommodates 35% of the hashrate. This week a regional report from China and statements from the head of operations at Genesis Mining, […]

Read More

UFC to launch MMA fan token on Chiliz blockchain

Uncategorized

Debuting in June, the new UFC fan token will have a maximum supply of 20 million. The Ultimate Fighting Championship, the largest mixed martial arts association in the world, is launching its own blockchain-based fan token. The UFC officially announced on Tuesday that it will debut a UFC Fan Token on fan engagement and rewards app […]

Read More

Grayscale tops $50 billion: ‘Will soon pass world’s largest commodity ETF’

Uncategorized

Grayscale continues to grow, passing $50 billion. That’s equivalent to the world’s second-largest commodity ETF. Major United States asset manager Grayscale has just surpassed $50 billion in cryptocurrency assets under management for the first time. Grayscale’s AUM is creeping ever closer to the $57-billion holdings of the largest commodity ETF. MILESTONE: We just reached $50 […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php