The center claims it has created the world’s first comprehensive set of legal characteristics of digital assets as property in a new, short law.
The Dubai International Financial Centre (DIFC), a special economic zone with over 5,000 residents, has announced the passage of a new digital assets law and security law and amendments to existing law. The center has its own legal system based on English law.
The legislative developments seek to “keep pace with the rapid developments in international trade and financial markets […] and to provide legal certainty for investors in, and users of, Digital Assets,” according to a statement. DIFC Authority chief legal officer Jacques Visser said:
The Digital Assets Law contains seven pages of text plus appendices. A law amending at least six previous laws to update them for digital assets has been passed but is not available online at the time of writing. The DIFC noted in its statement that the changes to the Law of Obligations made electronic records functionally equivalent to paper records.
