The regulatory arm of the United Arab Emirates (UAE)’s special economic zone, the Dubai International Financial Centre (DIFC), has unveiled a consultation paper outlining its proposed regulatory regime for crypto tokens. Changes to the Draft Legislation The Dubai Financial Services Authority (DFSA), the financial regulatory agency of UAE’s special economic zone, the Dubai International Financial Centre (DIFC), has released a consultation paper proposing a regulatory regime for crypto tokens. The DFSA said the public has until May 6, 2022, to comment on the regulatory agency’s proposal “for a regulatory regime for persons wishing to provide financial services activities in respect of crypto tokens.” Once the public consultation phase is over, DFSA will then make the changes to the draft legislation as it sees fit. The paper explains: Following the public consultation, we will decide which changes to the proposed regime are necessary and amend the proposed draft legislation a...
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