According to PANews, the Dubai International Financial Centre (DIFC) has announced the implementation of a new digital asset law, aimed at keeping DIFC in sync with technological advancements and providing legal clarity for digital asset investors and users. The law, which came into effect on March 8th, intends to comprehensively regulate the legal characteristics of digital assets as property law and stipulate how to control, transfer, and handle digital assets.
DIFC is a tax-free special economic zone in Dubai with an independent legal system and courts based on British common law. The enactment of this law follows a review of regulatory approaches in various regions worldwide and a public consultation conducted last year.