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Dubai Financial Regulator Body Plans to Develop Crypto Regulatory Framework

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Dubai Financial Regulator Body Plans to Develop Crypto Regulatory Framework

The Dubai Financial Services Authority (DFSA) revealed plans to introduce policies to regulate the cryptocurrency industry. 

DFSA’s Crypto Regulation in the Works

According to local news media The National on Tuesday (Jan.19, 2021) the DFSA, the financial regulator of the Dubai International Financial Centre (DIFC), a financial hub for the Middle East, Africa, and South Asia, is looking to regulate crypto assets. The DFSA’s crypto regulatory plan was revealed in its business plan for 2021/2022.

A portion of the business plan released on Monday noted that the DIFC’s regulatory framework would include digital assets like cryptocurrencies and tokenized securities.

Speaking on the DFSA’s proposed crypto regulatory framework was Peter Smith, the regulator’s head of strategy, policy and risk, said that there would be two consultation papers requiring feedback on the proposed crypto rule which would be introduced in Q1 and Q2 2021.

Smith also commented on the DFSA’s scope of regulation, stating:

“We will look to regulate a wide range of digital assets, including security tokens, utility tokens, the various types of exchange (or payment) tokens, such as cryptocurrencies [and] the firms that provide relevant services in these markets. We will regulate these markets in a proportionate and thoughtful manner, drawing on best practices across the globe.”

Meanwhile, Abu Dhabi already has a crypto regulatory framework. As reported by BTCManager back in 2018, the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market introduced guidelines for the crypto industry. The FSRA also gave the green light to crypto exchanges such as Digital Assets Exchange and BitOasis in 2019.

Outside of the UAE, more countries introduce crypto regulatory policies as the industry continues to develop. In December, a crypto regulations draft bill submitted to the Ukrainian parliament scaled first reading. Pakistan is also working to introduce a cryptocurrency regulatory framework.

Back in September 2020, Nigeria’s Securities and Exchange Commission (SEC) announced plans to regulate the nascent industry with its three-point agenda. The U.S. Financial Crimes Enforcement Network (FinCEN) also revealed its proposed regulation for crypto wallets, which received pushback from the crypto community. Following calls for the bureau to extend the comment period, FinCEN announced an extension of the comment window in January 2021.

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