{"id":157816,"date":"2021-01-19T13:13:53","date_gmt":"2021-01-19T10:13:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dubai-financial-regulator-working-on-regulations-for-cryptocurrencies\/"},"modified":"2021-01-19T13:13:53","modified_gmt":"2021-01-19T10:13:53","slug":"dubai-financial-regulator-working-on-regulations-for-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dubai-financial-regulator-working-on-regulations-for-cryptocurrencies\/","title":{"rendered":"# Dubai financial regulator working on regulations for cryptocurrencies"},"content":{"rendered":"

“# Dubai financial regulator working on regulations for cryptocurrencies <\/strong>”
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The Dubai Financial Services Authority, the financial regulatory agency for the special economic zone, the Dubai International Financial Centre, is looking to enhance local cryptocurrency-related regulations.<\/p>\n

The DFSA is planning to introduce a regulatory framework for diverse digital assets as part of its 2021\u20132022 business plan<\/a> released on Jan. 18.<\/p>\n

According to the DFSA, the upcoming crypto framework will further expand the DFSA\u2019s regulation of digital asset issuers and associated trading platforms. The framework will include a number of digital asset types like tokenized securities and cryptocurrencies like Bitcoin (BTC):<\/p>\n

\u201cWe will build upon recent achievements in this space over the business planning period through developing a regulatory regime for digital assets (such as tokenised securities and crypto-currencies), having already implemented regulations supporting various innovative business models.\u201d<\/p><\/blockquote>\n

According to a report<\/a> by local news<\/a> agency The National, the DFSA plans to publish two consultation papers seeking feedback on the upcoming rules. Peter Smith, the DFSA\u2019s head of strategy, policy and risk, said that the two consultations will be released in the first two quarters of 2021. \u201cWe will look to regulate a wide range of digital assets, including security tokens, utility tokens, the various types of exchange tokens, such as cryptocurrencies and the firms that provide relevant services in these markets,\u201d Smith noted.<\/p>\n

The UAE\u2019s first cryptocurrency-related rules emerged more than two years ago. In June 2018, the Financial Services Regulatory Authority, or FSRA, of the Abu Dhabi Global Market published<\/a>\u00a0guidance on\u00a0cryptocurrencies, exchanges and initial coin offerings. The FSRA continued to actively engage with the industry, granting several regulatory app<\/a>rovals to companies like the\u00a0BitOasis cryptocurrency exchange in 2019.<\/p>\n