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The DIFC has adopted a new approach by repealing the outdated 2005 Law of Security and the Financial Collateral Regulations, introducing a revamped Law of Security that aligns with the UNCITRAL Model Law on Secured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
Ensuring comprehensive health care and fostering innovation and job growth within the health sector.
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The Council of Health Insurance and the Saudi Insurance Authority began implementing this decision, requiring employers to provide insurance for domestic workers if their number exceeds four.
The general requirements for applying benefits and coverage under the policy include submitting a medical disclosure form, obtaining approval from the health insurance company, and insuring all workers.
This mandatory health insurance initiative is part of the Council of Health Insurance and the Insurance Authority‘s efforts to ensure comprehensive care, prevention, justice, transparency, and excellence in performance for all stakeholders.
The decision aims to achieve comprehensive health care, sustain health coverage, and encourage health insurance companies and healthcare providers to develop new products and create job opportunities in medical and non-medical specialties.
Iman Al-Tariqi, the official spokesperson of the Council of Health Insurance, explained that the domestic workers’ insurance policy covers primary care, public health, emergency cases, hospitalization without a deductible, emergency treatments for clinics with unlimited visits, vaccinations, and examinations.
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
