As part of our ongoing series on key legal developments of the financial services sector in the United Arab Emirates, this summary presents an overview on the current Crypto Token regime of the Dubai Financial Services Authority ("DFSA"). Mayer Brown's Middle East practice is closely monitoring important developments of the financial services sector in the region.
By way of background, on November 1, 2022, the DFSA established its long-awaited Crypto Token regime (the "Regime") following the publishing of DFSA's Consultation Paper No. 143 in March 2022, proposing to allow for the provision of financial services in relation to Crypto Tokens in and from the Dubai International Financial Centre ("DIFC"). The new Regime supplements the DFSA's existing Investment Tokens regime that was introduced on October 25, 2021.