On 2 October 2023, the UAE issued Federal Law No. 54 of 2023, which amended Federal Law No. 14 of 2018 on the Central Bank and the Organization of Financial Institutions and Financial Activities (the “Central Bank Law”) and changed the definition of currency to include a “National Digital Currency”. The amendment to the Central Bank Law was published in the Official Gazette on 31 October 2023. Article 57.4 of the Central Bank Law has…
In brief The Central Bank of Egypt (CBE) recently published regulations setting out the licensing and regulatory framework for digital banks in Egypt (“Digital Bank Regulations”) which came into force on 12 July 2023. The Digital Bank Regulations will effectively allow for the establishment and operation of digital banks in Egypt, thus taking a significant step in aligning the country with global trends in financial technology and catering for the needs of the growing Egyptian…
In brief The Financial Regulatory Authority (FRA) recently issued Decrees No. 139, 140 and 141 (āDecreesā) completing and complementing the Financial Technology (Fintech) Law No. 5 of 2022 (āFintech Lawā) which sets out the framework for the development and use of Fintech in non-banking financial services (NBFS). The Decrees, which came into force on 11 July 2023, come as part of the FRAās continuing efforts to transition the Egyptian financial markets towards digitization by encouraging…
In a much anticipated development, the UAE Securities and Commodities Authority (SCA) has recently issued Chairman of the Board of Directorās Resolution No. (22/RM) of 2023 regulating securitization and all parties to securitization transactions or operations in the UAE (the āSecuritization Regulationsā). The Securitization Regulations should have been issued a long time ago to support efforts to promote the economic development of the UAE especially since it is a tax efficient jurisdiction. It was largely…
In brief The United Arab Emiratesā (“UAEā) federal-level financial services regulator relevant to securities, commodities and now Virtual Assets Service Providers (“VASPs”), the UAE Securities and Commodities Authority (“SCA”), has just issued two new regulations relevant to Virtual Assets (“VAs”): This follows the end of the grace period under UAE Cabinet Resolution 111 (that ended on 14 September 2023) for those conducting VASP activities within Onshore UAE (see Annex) to register with the SCA. Both…