Dubai DIFC issues new digital asset laws

Dubai International Financial Centre (DIFC) has announced the issuance of new digital asset laws aimed at keeping DIFC in sync with technological developments and providing legal clarity for investors and users of digital assets. The law came into effect on March 8th and aims to comprehensively define the legal characteristics of digital assets as property law and regulate how digital assets are controlled, transferred, and processed. DIFC is a tax-free special economic zone in Dubai with an independent legal system and courts based on English common law. The law was issued after a review of regulatory approaches around the world and a public consultation conducted last year.