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Dubai financial regulator Operating on regulations for cryptocurrencies

The Dubai Financial Services Authority is reportedly seeking to present two crypto-related appointment newspapers as part of its business plan in 2021.

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Dubai financial regulator Operating on regulations for cryptocurrencies

The DFSA is likely to introduce a regulatory framework for varied digital resources as part of its 2021--2022 company plan published on Jan. 18.

As stated by the DFSA, the coming crypto frame will further extend the DFSA's regulation of electronic asset issuers and related trading platforms. The frame will include a number of electronic asset types like tokenized securities and cryptocurrencies such as Bitcoin (BTC):

"We'll build upon recent accomplishments in this area within the company planning period through creating a regulatory plan for electronic assets (for instance, tokenised securities and crypto-currencies), using already employed regulations behind various advanced business models"

As per a report by neighborhood news bureau The National, the DFSA intends to print two consultation papers seeking comments on the upcoming rules. Peter Smith, the DFSA's head of strategy, risk and policy, stated the two consultations will probably be published at the first two quarters of 2021. "We shall look to govern a broad assortment of electronic assets, such as security tokens, usefulness tokens, the numerous sorts of exchange tokens, like cryptocurrencies and the companies that offer relevant services in such markets," Smith noted.

The UAE's initial cryptocurrency-related rules surfaced two or more decades back. The FSRA continued to actively participate with the market, granting numerous regulatory approvals to businesses like the BitOasis cryptocurrency trade in 2019.

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