The Dubai Financial Services Authority (DFSA) has announced its intention to implement new regulations for cryptosurveillance as part of its business plan for the years 2021 to 2022.
« We will build on recent achievements to develop a regulatory regime for digital assets (such as tokenized securities and cryptomoney), having already implemented regulations supporting various innovative business models, » said the financial watchdog.
« We intend to adopt a regulatory approach that facilitates innovation while meeting DFSA’s licensing, prudential and conduct requirements, » according to DFSA, which regulates the Dubai International Financial Centre (DIFC).
Although the nature of the regulations being developed is not yet known, in recent years the supervisor has been very cautious, to say the least, with regard to cryptomoney. In September 2017, the regulator published its general investor statement on cryptos in which the DFSA stated that it considers Initial Coin Offerings (ICOs) to be high-risk investments.
« They present risks that are unique to them, which may not be easy to identify or understand; these risks may increase when offers are made on a cross-border basis. These offers should be considered as high-risk investments », according to the supervisor.
« The DFSA wishes to make it clear that it does not currently regulate such product offers or authorise firms » of the DIFC « to undertake such activities », the statement says. « Accordingly, before engaging with any person promoting such offers in the DIFC, or making any financial contribution to such offers, DFSA urges potential investors to exercise caution and undertake due diligence to understand the risks involved ».
With nearly 2,600 registered companies and around 25,600 employees, the DIFC claims to be the leading financial centre in the Middle East, Africa and South Asia region.
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