Dubai’s DIFC Passes One of Its Kind Digital Asset Law & New Security Law

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The Dubai International Financial Centre (DIFC), a special economic zone has announced a new digital assets law and security law and amendments to existing law. It has its legal system based on English law. The DIFC updated its cryptocurrency regulations in 2022 and began subsidizing licenses for artificial intelligence and Web3 companies in 2023. This is not the first to issue crypto as property as in the Last year, courts in China, Singapore, and Hong Kong had similar rulings. The move aims to adapt to technological advancements with a legal framework and provide tax exemptions for crypto businesses.