Today, Monday, the Dubai Financial Services Authority officially began receiving applications for licensing companies operating in the field of cryptographic tokens to operate in the Dubai International Financial Center.
The Dubai Financial Services Authority called on companies wishing to work in the investment sector in digital currencies and encrypted tokens, and seeking to obtain a license to provide services related to this sector, to submit their applications to obtain the license.
She stated that the companies operating in this sector must be located mainly in the Dubai International Financial Center, and that daily business management and business supervision be carried out in the center.
"Emirates Today" newspaper quoted the Chief Operating Officer of the Dubai Financial Services Authority, Walid Saeed Al-Awadi, as saying that the "authority" issued Consultation Paper No. (143) to regulate encrypted symbols in March of this year, in which it identified proposals to regulate the provision of financial services related to symbols. encrypted in or from the Dubai International Financial Centre.
Al-Awadhi added that the encrypted tokens system, which came into effect on the first of November, encourages companies to achieve a balance between innovation in the field of encrypted tokens, providing the required attention to the needs of dealers, and the business risks associated with encrypted tokens.
He noted that the main features of the system include the adoption of a broad definition of crypto-tokens, which includes cryptocurrencies and stablecoins.
The Chief Operating Officer of the Dubai Financial Services Authority stated that, according to the system, it is only allowed to use encrypted symbols recognized by the Dubai Financial Services Authority, which meet certain criteria, in the Dubai International Financial Center, and it is forbidden to carry out any financial service activities using what is called Name of blocked codes, including algorithmic codes and privacy codes.
The move came days after Binance, a provider of blockchain infrastructure and cryptocurrencies, obtained a financial services permit from the Abu Dhabi Financial Services Regulatory Authority.
The step enables the "Binance" platform to conduct trading brokerage services in virtual assets in the Abu Dhabi Global Market only within the UAE.
0 Comments