According to Odaily, the Dubai Financial Services Authority (DFSA) has announced revisions to its cryptocurrency token system to strengthen and advance its regulatory framework within its economic zone. The DFSA is an independent regulatory body in the United Arab Emirates (UAE), responsible for overseeing entities registered in the Dubai International Financial Centre (DIFC), an economic zone in the country.
On June 3, the DFSA stated that it had modified its cryptocurrency token system to reflect changes in consultation document 153, which was published in January 2024. The revision involves several key areas, including funds investing in cryptocurrency tokens and the identification process of cryptocurrency tokens. In terms of funds, the amendment has affected the ability of external and foreign fund units to invest in recognized cryptocurrency tokens. Previously, the DFSA had limited fund activities involving cryptocurrency tokens.