DUBAI, UAE—The Dubai International Financial Centre (DIFC) has proposed to enact a new law to regulate digital assets, as it seeks to keep pace with the rapid developments in the financial markets, according to a new report.
The proposed Digital Assets Law sets out a legal framework on how virtual assets like cryptocurrencies, NFTs, stablecoins and security coins can be controlled, transferred and dealt with, Zawya reported..
The DIFC has also proposed a new legislation called the Law of Security, which is modelled on the UNICTRIAL Model on Secured Transactions and has been adapted to “take account of specific factors relating to DIFC.”
‘Groundbreaking’ Law
“DIFC has been working closely with experts in the field of digital assets and banking and finance to create a global, groundbreaking Digital Assets Law, and in doing so proposes a significantly enhanced and updated Law of Security regime,” Jacques Visser, chief legal officer at DIFC, was quoted by Zawya as saying.
Virtual assets represent a trillion-dollar industry. The value of the global crypto market alone surged to roughly $2 trillion in 2021 from $100 billion three years earlier, according to CoinMarketCap, Zawya noted.
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