Day May 24, 2024

The United Arab Emirates (“UAE”) introduces a new data law as part of the“Projects of the 50” – a series of initiatives the UAE has planned for the next50 years to boost the country’s economy. Background Currently, data privacy in…

The United Arab Emirates (the “UAE”) government has broadened foreigninvestment opportunities in revising its long-established foreign ownershiprestriction. The Amendments According to Article 10 of the Federal Law No. 2 of 2015 on Commercial Companies Law (the“CCL”), UAE companies must have…

The Government of Dubai issues Decree No. (34) of Year 2021 Concerningthe Dubai International Arbitration Centre (“DIAC”) effectively abolishing theEmirates Maritime Arbitration Centre (“EMAC”) and the Dubai InternationalFinancial Centre Arbitration Institute (“DAI”). Introduction Issued on the 14th of September 2021,…

The UAE’s Securities and Commodities Authority (“SCA”) signs anagreement with the Dubai World Trade Centre Authority (“DWTCA”) allowingfor crypto trading within the free zone. Introduction According to a statement made by the SCA issued on the 22nd of September, the…

As part of the United Arab Emirates’ (“UAE”) efforts in combatting AntiMoney Laundering (“AML”) and Terrorist Financing (“TF”), UAE’s AMLCommittee announces their adoption of a new regulatory frameworkspecifically for virtual assets. Background In mitigating the risk of money laundering and…

Following the implementation of the new Rulebook by the United ArabEmirates’ (“UAE”) Securities and Commodities Authority (“SCA”), severalamendments were made, for example to its licensing regime and applicationprocesses and requirements. Rulebook Under the Board of Directors’ Decision No. (13) of…

The first phase of the DFSA’s Digital Assets regime has commenced as theDubai Financial Services Authority (“DFSA”) has announced the launch ofits regulatory framework specifically for Investment Tokens (the“Framework”) As per the Framework, Investment Tokens are either Security or Derivative…