Dubai International Financial Centre (DIFC) Courts

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The regime introduces rules on various crypto tokens, including cryptocurrencies and stablecoins, in the Dubai International Financial Centre.

By Brian A. Meenagh, Matthew Rodwell, and Ksenia Koroleva

On November 1, 2022, the Dubai Financial Services Authority (DFSA) crypto token regulatory regime came into effect.

The rules expand upon the DFSA framework for regulating investment tokens established in 2021 (the 2021 Rules). The Dubai International Financial Centre (DIFC) regime defines a token as a cryptographically secured digital representation of value, rights, or obligations which may be issued, transferred, and stored electronically, using distributed ledger technology (DLT) or other similar technology. The 2021 Rules only regulated investment tokens, which comprised security tokens and derivative tokens (in essence, tokenized equivalents of conventional securities and derivatives, respectively) (the Investment Tokens). Pursuant to the 2021 Rules, persons carrying out certain activities with Investment Tokens (e.g., issuing, offering, holding, promoting, dealing, advising, brokering) need to obtain approval from the DFSA and comply with certain obligations.

Latham & Watkins’ Middle East Technology, IP and Sourcing team has just published the fourth edition of Middle East and Africa Technology, IP and Sourcing Focus.

This edition includes articles on the importance of due diligence in an outsourcing transaction and on maintaining competitive pricing in a long-term services arrangement and updates on the amendments to the Saudi Arabian Telecommunications Law, the GCC Unified Trade Marks System and regulation of “daily-deals” websites in the UAE.electronic microchip

The edition also includes…

The April edition of Middle East and Africa Technology, IP and Sourcing Focus, a newsletter from Latham’s Middle East Technology, IP, and Sourcing team, is now available. The new issue considers several topics, including the challenges that organisations looking to implement an outsourcing strategy must consider in their outsourcing agreements, updates on the eGovernment strategy of the United Arab Emirates, and ictQatar’s radio spectrum policy.

The newsletter provides know-how, updates and commentary on the technology, IP and sourcing sectors…

American University of Sharjah (AUS) has advanced to the finals in the Phillip C. Jessup International Moot Court Competition after winning the national round in the United Arab Emirates on February 26. The local round, jointly hosted by Latham and the Dubai International Financial Centre (DIFC) Courts, consisted of three teams, including ones from UAE University of Al-Ain in Abu Dhabi (the runner-up in this round) and the University of Sharjah. The final, international round of the competition will take…