Dubai Financial Services Authority Focuses on Cross-Border Regulation of Digital Assets

According to Odaily, Jacques Visser, the Legal Affairs Director at the Dubai International Financial Centre (DIFC), has revealed that the Dubai Financial Services Authority (DFSA) is not only introducing digital asset laws but is also focusing on cross-border regulation. Dubai is among the first jurisdictions to propose a 'basic principle statement defining digital assets' and continues to seek extensive consultation globally to address cross-border regulatory issues of virtual assets in accordance with international standards. The DFSA is currently studying a digital asset plan by The Law Commission, which is expected to last approximately three years. Ken Coghill, the Director of Innovation and Technology Risk Regulation at the DFSA, stated that Dubai's regulatory bodies would listen to and consider industry opinions. Based on these, they will review existing regulations, promote regulatory progress, and establish more realistic and effective laws. This move by the DFSA signifies its commitment to adapting to the evolving landscape of digital assets and ensuring that its regulatory framework is in line with global standards.