According to Odaily Planet Daily, Jacques Visser, Director of Legal Affairs of Dubai International Financial Center (DIFC), revealed that in addition to launching the Digital Assets Law, the Dubai Financial Services Authority (DFSA) is more concerned about cross-border supervision. Dubai is one of the first jurisdictions to propose a "Statement of Basic Principles for Defining What Digital Assets Are" and is seeking extensive consultations around the world to address cross-border regulatory issues for virtual assets in accordance with international standards. Currently, the DFSA is carefully studying a digital asset plan of the UK Law Commission for about 3 years.
Ken Coghill, director of innovation and technology risk regulation at the Dubai Financial Services Authority, said that Dubai's regulators will listen to and refer to industry opinions, review existing regulations, promote regulatory progress, and formulate more realistic and effective regulations.