{"id":90016,"date":"2024-03-14T00:00:00","date_gmt":"2024-03-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/difc-enacts-new-digital-assets-regime\/"},"modified":"2024-03-14T00:00:00","modified_gmt":"2024-03-14T00:00:00","slug":"difc-enacts-new-digital-assets-regime","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/14\/difc-enacts-new-digital-assets-regime\/","title":{"rendered":"DIFC enacts new digital assets regime"},"content":{"rendered":"

DIFC rolls out the world\u2019s first Digital Assets Law:<\/strong> The Dubai International Financial Centre (DIFC) has enacted its new Digital Assets Law (pdf)<\/a>, accompanied by amendments to existing legislation to address the implications of the new digital assets regime, a DIFC press release<\/a> reads. The law came into force on 8 March.<\/p>\n

The new law aims to provide clarity and a holistic legal framework for the usage of digital assets<\/strong>, according to the statement. Existing laws, such as the Contracts Law, Obligations Law, Security Law, Damages and Remedies Law, Trust Law, and Foundations Law, have been updated to address issues concerning digital assets, to keep up with the financial landscape as it evolves.<\/p>\n

Why this matters:<\/strong> \u201cWe consider this legislation to be groundbreaking as the first legislative enactment to comprehensively set out the legal characteristics of digital assets as a matter of property law, and to provide for how digital assets may be controlled, transferred and dealt with by interested parties,\u201d DIFC Chief Legal Officer Jacques Visser said. \u201cIn recognizing the growing potential of digital assets, the DIFC boldly positions itself as a pioneer by enacting the world\u2019s inaugural digital assets law,\u201d Baker McKenzie Partner Mazen Boustany told Enterprise UAE.<\/p>\n

Digitizing paper trade documents:<\/strong> The DIFC also released updates to allow the usage of electronic transferable records, mirroring traditional trade paper documents such as bills of lading, bills of exchange, promissory notes, and warehouse receipts, the statement reads. These updates make international digital trade smoother by speeding up document processing, improving security, and allowing for automated transactions with smart contracts.<\/p>\n

The DIFC also amended its Security Law to adapt to recent advancements in international secured transactions<\/strong>, particularly those involving digital assets as collateral. The new legislation \u2014 which replaces DIFC\u2019s 2005 Security Law \u2014 improves its securities regime, drawing from international models like UNCITRAL\u2019s Model Law on Secured Transaction and incorporating provisions from the new Digital Assets Law.<\/p>\n","protected":false},"excerpt":{"rendered":"

The DIFC has also made various amendments to existing legislation to account for the new regime<\/p>\n","protected":false},"author":1,"featured_media":90017,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1563],"tags":[1031,794,7,134],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-digital-assets","tag-dubai-international-financial-center","tag-enterpriseam-uae","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"0e71a3a8-c7b5-4426-ba5b-5a1b63759de5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/62.jpg","photo_position":"above","homepage_title":"","full_issue_title":"DIFC enacts new digital assets regime","related_issue":[89997],"teaser":"The DIFC has also made various amendments to existing legislation to account for the new regime","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.5417bae9-4f17-4571-940f-83b4ee70e7ba.mp3"},"yoast_head":"\nDIFC enacts new digital assets regime - 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