ARTICLE · 18 JULY 2024

The DIFC Announces New Digital Assets Law 2024

Norton Rose Fulbright (Middle East)

Explore more from Norton Rose Fulbright (Middle East)

The new Digital Assets Law No 2 of 2024 (the Digital Assets Law) was enacted in the Dubai International Financial Centre (DIFC) on 8 March 2024, alongside significant supporting...

United Arab EmiratesTechnology

Matthew Shanahan

Hasanali Pirbhai

Introduction

The new Digital Assets Law No 2 of 2024 (the Digital Assets Law) was enacted in the Dubai International Financial Centre (DIFC) on 8 March 2024, alongside significant supporting amendments to existing legislation.

The Digital Assets Law sets out the legal characteristics of digital assets for the purposes of property law, and specifies how digital assets may be controlled, transferred and dealt with by parties.

The changes follow a public consultation by way of Consultation Paper No. 4 in September 2023 and an extensive benchmarking by the DIFC of the legal approaches taken to digital assets in multiple jurisdictions. The legislation significantly enhances the DIFC's securities regime and brings greater clarity, certainty and security for digital asset investors and users.

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