The Dubai Financial Services Authority (DFSA) – the entity taking care of financial regulations for the Dubai International Financial Centre economic Zone – is reportedly making attempts to improve local crypto legislation. 

Specifically, the DFSA is reportedly going to roll out a regulatory framework, dedicated to providing diversity for crypto assets, as included in its 2021–2022 business plan, made available on January 18th. 

Per the DFSA, the planned regulatory framework will reportedly help widen the scope of the DFSA’s regulation of crypto assets issuers, as well as related trading platforms. 

The framework will reportedly come with a vast array of kinds of crypto assets, such as tokenized securities and cryptocurrencies like Bitcoin (BTC). 

“We will build upon recent achievements in this space over the business planning period through developing a regulatory regime for digital assets (such as tokenized securities and crypto-currencies), having already implemented regulations supporting various innovative business models.”

The DFSA reportedly has plans to put out two consultation documents to the public audience, gathering feedback on the upcoming rules.

Peter Smith, the DFSA’s head of strategy, policy and risk, reportedly disclosed that the consultations will be rolled out in the first half of 2021. 

“We will look to regulate a wide range of digital assets, including security tokens, utility tokens, the various types of exchange tokens, such as cryptocurrencies and the firms that provide relevant services in these markets,” Smith further remarked.