{"id":281415,"date":"2021-01-19T10:10:54","date_gmt":"2021-01-19T15:10:54","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=281415"},"modified":"2021-07-30T02:15:01","modified_gmt":"2021-07-30T06:15:01","slug":"dubai-economic-zone-regulator-considering-crypto-regulations","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/dubai-economic-zone-regulator-considering-crypto-regulations","title":{"rendered":"Dubai Economic Zone Regulator Considering Crypto Regulations"},"content":{"rendered":"

The Middle East has been vocal in its embrace of cryptocurrencies and blockchain. Continuing in the trend, financial regulators in Dubai are now looking into the prospect of finalizing crypto laws in the region.<\/span><\/p>\n

Opinions Welcome<\/b><\/h2>\n

Yesterday, the Dubai Financial Services Authority (DFSA), the Dubai International Financial Center’s financial regulator, published a\u00a0<\/span>business plan<\/span><\/a> outlining its objectives for possible crypto regulation.<\/span><\/p>\n

As the business plan confirmed, the agency is working on launching a regulatory framework that will govern the use of various digital assets.<\/span><\/p>\n

According to the report, the upcoming regulatory framework will expand the DFSA\u2019s regulatory scope for digital asset issuers, trading platforms, and other asset custodians.\u00a0<\/span><\/p>\n

It will also address the classifications of digital assets, including cryptocurrencies like Bitcoin and other tokenized securities.<\/span><\/p>\n

Local news agency The National also\u00a0<\/span>reported<\/span><\/a>\u00a0that the DFSA plans to publish two consultation papers to get feedback from industry players on the upcoming rules.\u00a0<\/span><\/p>\n

Peter Smith, the agency\u2019s head of policy, strategy, and risk, said that the papers are set to come out before June 2021.<\/span><\/p>\n

The agency is hoping to cover all assets and firms operating in the crypto space effectively through the rules, with its business plan stating:<\/span><\/p>\n

\u201cWe will build upon recent achievements in this space over the business planning period through developing a regulatory regime for digital assets (such as tokenized securities and crypto-currencies), having already implemented regulations supporting various innovative business models.\u201d<\/span><\/p><\/blockquote>\n

Every Crypto Firm\u2019s Dream Location<\/b><\/h2>\n

Based in the United Arab Emirates, the Dubai International Financial Center (DIFC) is a business hub that provides significant benefits to crypto and blockchain firms.\u00a0<\/span><\/p>\n

For one, companies in the industry can set up offices here and enjoy zero taxes on profits and corporate taxes for at least 50 years.<\/span><\/p>\n

In addition to the financial center, the Dubai Multi Commodities Center \u2013 the UAE\u2019s largest free trade zone \u2013 has\u00a0<\/span>announced<\/span><\/a>\u00a0plans to launch a new \u201ccrypto valley,\u201d that will encourage companies to establish their presence there.<\/span><\/p>\n

So far, the move appears to be working. The DIFC\u2019s website states that the special economic zone serves over 2,500 registered companies.<\/span><\/p>\n

Many of these firms come from Asia, the Middle East, and Africa, with the DIFC claiming to be an \u201cindependent regulator with a proven judicial system.\u201d<\/span><\/p>\n

Last year, blockchain giant Ripple Labs also set up shop in the DIFC. T<\/span>he blockchain firm explained that it had a significant customer base in the MENA (the Middle East and North Africa) region. With a unique opportunity to co-locate with its customers, the DIFC provides a strong natural choice.<\/span><\/p>\n

Ripple itself has been toying with the idea of leaving the United States for a while now. It\u2019s unclear whether the DIFC office could serve as its base in the future.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Middle East has been vocal in its embrace of cryptocurrencies and blockchain. Continuing in the trend, financial regulators in Dubai are now looking into […]<\/a><\/div>","protected":false},"author":1770,"featured_media":281419,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7596],"tags":[10461,1387,5846],"acf":[],"yoast_head":"\nDubai Economic Zone Regulator Considering Crypto Regulations - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"The DFSA, the Dubai International Financial Center\u2019s financial regulator, published a business plan outlining its objectives for crypto.\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/281415\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai Economic Zone Regulator Considering Crypto Regulations\" \/>\n<meta property=\"og:description\" content=\"The DFSA, the Dubai International Financial Center\u2019s financial regulator, published a business plan outlining its objectives for crypto.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-19T15:10:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-30T06:15:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2021\/01\/DIFC-580x358-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"579\" \/>\n\t<meta property=\"og:image:height\" content=\"358\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/281415#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/281415\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"Dubai Economic Zone Regulator Considering Crypto Regulations\",\"datePublished\":\"2021-01-19T15:10:54+00:00\",\"dateModified\":\"2021-07-30T06:15:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/281415\"},\"wordCount\":465,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"DIFC\",\"Dubai\",\"ripple labs\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/281415#respond\"]}],\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/281415#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/281415\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/281415\",\"name\":\"Dubai Economic Zone Regulator Considering Crypto Regulations - 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