Consultation Paper No. issued by the Commission on March 2021. DFSA has initiated the regulatory framework on digital financial assets for investment purposes based on the proposals in 138, and is the first phase of the DFSA’s Digital Assets System.
The regulatory framework defines a digital financial asset for investment purpose as a digital financial asset or another digital financial derivative. These mainly include:
பத்திர Securities and financial derivatives in digital form, protected by cryptography, to represent rights and obligations issued and transferred using distributed ledger technology (DLT) or similar technologies.
• Derivatives of any cryptographically protected digital system to represent the rights and obligations transferred, stored and distributed using distributed ledger technology (DLT) or similar technologies; Or (ii) has a purpose or effect which is substantially similar to securities and financial derivatives.
Peter Smith, Head of Policy, Strategy and Risk, DFSA, said: “Creating a catalytic ecosystem for innovative companies to thrive in the UAE is a top priority for the Government of the United Arab Emirates, the Government of Dubai and the DFSA.
Our consultation article on digital financial assets for investment has helped us understand what companies want from a regulatory framework and provide a market-friendly setting. We look forward to receiving applications from companies interested in contributing to the continued growth of futuristic financial services at DIFC.
DFS has been developing proposals for cryptocurrencies that are not included in the regulatory framework for digital financial assets for investment purposes, such as exchangeable crypto-tokens (also known as cryptocurrencies), utility tokens and asset-backed crypto tokens (staplecoins). )). The Commission plans to publish a second consultation article in the last quarter of this year.
Follow the economic report through Google News
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”