In April we published a briefing note that reported on the Dubai Financial Services Authority’s (DFSA) consultation paper on the regulation of crypto-tokens (CP143). Despite being only 50 pages CP143 covered a wide range of issues including what a crypto-token is, how they can be marketed and the regulatory requirements applicable to them. The DFSA’s reasoning for making the consultation so wide ranging was due to the increasing use of crypto-tokens as a medium for financial transactions in the UAE and their connectivity to the mainstream financial system via trading facilities is growing.
In October the DFSA published its widely anticipated feedback statement to CP143 in which it sets out its thinking where changes have been made to its consultation proposals or where changes have not been made. We have published a briefing note which highlights some of the key points arising from the feedback statement.