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 United Arab Emirates’ (“UAE”) 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…
In brief Over the last few years, the United Arab Emirates (UAE) has taken steps to regulate the volatile crypto industry, as seen in the recent crypto winter, and to anticipate global crypto regulatory developments including in the US and in the UK that have been called upon to regulate the sector through regulations rather than enforcement, to protect retail investors that ultimately were the major victims of the crypto winter. In 2020, the Financial…