The Dubai Financial Services Authority (DFSA) has planned to start working on the regulatory framework necessary for digital assets. This was confirmed by the business plan announced for 2021 – 2022.
DFSA works in a special economic zone of its own, the Dubai International Financial Center. It has the role of overseeing and complying with requirements in line with international standards.
Crypto Is Part of the Plan
The future regulatory framework will increase the DFSA’s authority so that it will include digital asset issuers and trading platforms. Not only that, but the regulatory structure is also planned to cover cryptocurrencies and tokenized securities.
“We will build on the latest advances in this area during the business planning period by developing a digital asset regulatory regime and implementing rules that support a variety of innovative business models,” the document says.
The DFSA will submit two documents this year in which it will ask to offer feedback on regulations from now on.