Dubai’s New Digital Assets Legislation Enacted by DIFC
Dubai International Financial Centre (DIFC) officially announced the introduction of a pioneering Digital Assets Law, establishing it as the first of its kind globally.
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This legislation incorporates the new Law of Security and integrates amendments into various existing laws to address the implications brought about by the digital assets’ domain and the revamped security regime.
The primary goal of these legislative updates is to align DIFC‘s legal framework with the fast-evolving international trade and financial sectors propelled by technological advancements. These changes also aim to provide a solid legal foundation for both investors in and users of digital assets. This move follows a thorough examination of digital assets’ legal treatment across various jurisdictions and a period of public feedback in 2023, culminating in the enactment of DIFC’s distinctive Digital Assets Law.
Comprehensive Updates to Existing Laws
In concurrence with the new digital asset’s framework, significant revisions have been made to existing DIFC laws, including the Contracts Law, Law of Obligations, Law of Security, Law of Damages and Remedies, Trust Law, and Foundations Law through the DIFC Amendment Law, No. 3 of 2024. These modifications address specific concerns related to digital assets, with notable updates to the Law of Obligations that now accommodate the use of electronic transferable records, enhancing efficiency in cross-border digital trade.
Advancements in Secured Transactions and Digital Trade
The legal landscape of secured transactions has witnessed substantial innovation, especially since the introduction of the DIFC Law of Security in 2005. The new regulations address the evolving nature of credit extension and digital asset collateral arrangements, alongside the digital transformation of international trade.
The DIFC has adopted a new approach by repealing the outdated 2005 Law of Security and the Financial Collateral Regulations, introducing a revamped Law of Security that aligns with the UNCITRAL Model Law on Secured Transactions, thereby modernizing its securities regime.
Jacques Visser, DIFC Authority’s Chief Legal Officer, expressed enthusiasm about the new Digital Assets Law, highlighting its role in defining the legal status of digital assets within property law and facilitating their control, transfer, and management. The legislation, effective from March 8, 2024, is a testament to DIFC’s commitment to establishing a transparent, robust, and globally aligned legal and regulatory framework. Access to the new legislation is provided through DIFC’s Legislative Database.
In summary, the enactment of the Digital Assets Law and the comprehensive legislative updates underscore DIFC’s dedication to staying at the forefront of legal and regulatory excellence in the digital age.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
