The Dubai Financial Services Authority updates its cryptocurrency token regime

2024-06-03 19:19:01

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ChainCatcher news, the Dubai Financial Services Authority (DFSA) announced revisions to its cryptocurrency token regime to enhance and advance the regulatory framework for tokens within its economic zone.

It is reported that the DFSA is an independent regulatory authority in the United Arab Emirates (UAE) responsible for overseeing entities registered in the Dubai International Financial Centre (DIFC), which is an economic zone in the country.

On June 3, the DFSA stated that it has amended its crypto token regime to reflect changes in Consultation Paper 153, which will be published in January 2024. The revisions cover several key areas, including funds investing in crypto tokens and the identification process for crypto tokens. In terms of funds, the amendment affects the ability of external and foreign fund units to offer investments in recognized crypto tokens. Previously, the DFSA had restricted fund activities involving crypto tokens.

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