Dubai Financial Services Authority Seeks Feedback on Security Token Regulations

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The DFSA stated it’s giving the public 30 days to comment.

Within an announcement made on Monday, the DFSA said it has published its framework for regulating the distance also is giving the public 30 days to comment.
The regulatory system is proposing updating its regulations to ease activities based on dispersed ledger technology (DLT). The upgrade will focus on public accessibility to purchasing and trading security tokens and on issues related to the provision of custody.
The key changes include allowing those facilities which exchange protection tokens to have direct access members, including retail clients, said DFSA.
The agency said it will issue proposals for other types of tokens such as”exchange tokens” and”utility tokens” afterwards in 2021.
“The suggestion for regulation of Security Tokens is an integral landmark in paving a definite and particular path for all those issuers who would like to increase capital in or from the DIFC utilizing DLT and similar technology, also for those firms who intend to be involved in this current market, by running or providing financial services,” said Bryan Stirewalt, the chief executive of the DFSA.
Stirewalt explained the DFSA has drawn on the expertise of other labs that have taken careful steps in the fast growing area.

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