- The DIFC is an independent legal entity inside the United Arab Emirates (UAE).
- Appendices and seven main pages make up the Digital Assets Law.
Earlier this week, the DIFC, a tax-free special economic zone in Dubai announced the approval of its fresh Digital Assets Law. To better serve investors and users of digital assets, as well as to ensure that the DIFC can keep up with the rapid technological change in global trade and financial markets, fresh legislation has been passed, including a new Law of Security and corresponding revisions to existing laws.
The Digital Assets Law, which went into force on March 8, is the result of public consultations held last year and an assessment of the regulatory strategy used by different governments worldwide.
Setting Clear Regulations
The DIFC is an independent legal entity inside the United Arab Emirates (UAE) that was formed to encourage financial services and draw in foreign investment. Its courts and judicial system are based on English common law.
DIFC Chief Legal Officer Jacques Visser stated:
“We consider this legislation to be groundbreaking as the first legislative enactment to comprehensively set out the legal characteristics of digital assets as a matter of property law, and to provide for how digital assets may be controlled, transferred and dealt with by interested parties.”
Appendices and seven main pages make up the Digital Assets Law. Although it has been approved, the legislation that updates six prior laws to account for digital assets is now unavailable online. According to the DIFC’s statement, electronic documents are now considered to be of equal value to paper records due to revisions to the Law of Obligations.
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