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DIFC

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In brief  The subscription deadline for the UAE’s mandatory unemployment insurance scheme has been extended by three months from 30 June 2023 to 30 September 2023. All employees in the UAE (with a few exceptions) must register in the unemployment insurance scheme before 30 September 2023[1]. You can view a summary of the scheme in our previous client alert. What’s next? All employees in the UAE must enroll to the unemployment insurance scheme as follows: If…

In brief The Dubai International Arbitration Centre (DIAC) has recently released its Annual Report for the year 2022. The Report highlights the new vision and future strategies of DIAC and provides helpful statistics for 2022, including regarding the overall caseload, caseload by value of disputes, sectors represented and the nationalities involved.[1] The statistics show a growth in the number and the value of the cases registered, as well as a broad outreach in terms of…

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”): SCA Chairman of the Board of Director’s Decision No. (26/RM) of 2023 in relation to Virtual Assets Platform Operators (the “SCA VA Exchange Regulations”); and SCA Chairman of the Board of Director’s Decision No. (27/RM)…

In brief On 18 April 2023, the Dubai International Financial Centre (DIFC) launched a 30-day public consultation on the proposed amendments to the Personal Data Protection Regulations to establish additional areas of regulation that would support the strong implementation of the DIFC Data Protection Law No. 5 of 2020 (please view the Consultation Paper No. 2 of 2023 here). The proposed amendments are aimed at enhancing the current data protection framework in the DIFC and…

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…