#The UAE issues the first law for the digital asset class in the world
Yesterday, Wednesday, the Dubai International Financial Center issued the first law for the digital asset class in the world, a new guarantee law, and amendments to some existing legislation to meet the requirements of the new digital assets system and amend the guarantee system.
The International Financial Center explained that these legislative amendments aim to ensure that the laws of the Dubai International Financial Center keep pace with the rapid developments in international trade and financial markets arising from technological developments, and to provide a transparent legal framework for users and investors in digital assets.
The center stated in a press release that the primary focus is on regulating and imposing penalties to enforce the law on some of the practical applications of this category of assets from a regulated financial services perspective. However, the fundamental benefits provided by blockchain technology and the digital assets on which it is based, and their application across a wide range of situations. use, its importance will grow more and more widely.
It is noteworthy that digital assets represent an asset class worth one trillion dollars, and the primary focus in many jurisdictions is on regulating and imposing law enforcement penalties on some of the practical applications of this class of assets from the perspective of regulated financial services.