<p> The Dubai Financial Services Authority (DFSA), a special economic zone in Dubai, has released its new strategy for 2023-2024, focusing on establishing and maintaining the reputation of the Dubai International Financial Centre (<a href=”https://www.financemagnates.com/tag/difc/” target=”_blank” rel=”follow”>DIFC</a>) as a leading spot for the finance industry.</p><p class=”MsoNormal”>DFSA Presents New Strategy</p><p class=”MsoNormal”>According to Fadel Al Ali, the Chairman of the DFSA, the newest business plan consists of four strategic themes, including better protection of clients’ assets. Fighting financial crime is currently one of the main goals, supporting the local authorities’ actions to implement recommendations resulting from the joint evaluation the Financial Action Task Force (FATF) developed with the the UAE two years ago.</p><p class=”MsoNormal”>In addition, the DFSA wants to actively engage with the tasks set in the Paris Climate Agreement to better engage on ESG issues. The DFSA will increase the use of technological solutions to address regulatory challenges by updating its systems. </p><p class=”MsoNormal”>”The DFSA’s 2023-2024 Business Plan builds upon our commitment to international standards, high-quality <a href=”https://www.financemagnates.com/terms/r/regulation/” target=”_blank” id=”341d154e-1396-4d12-a357-4837e79c4146_1″ class=”terms__main-term”>regulation</a> and best practices to foster an enabling environment to support the DIFC’s continued growth and that of Dubai and UAE economies,” Al Ali said.</p><p class=”MsoNormal”>”The nation’s leadership continues to demonstrate a future-focused vision for the prosperity of the country and this clarity of vision and purpose continues to guide our role and understanding of the part we play as the DFSA moves towards its 20th anniversary,” he added.</p><p class=”MsoNormal”>New Crypto Regulations</p><p class=”MsoNormal”>As part of an update to its regulatory strategy, the DFSA <a href=”https://www.financemagnates.com/cryptocurrency/dfsa-publishes-list-of-recognised-crypto-tokens-as-changes-take-effect/” target=”_blank” rel=”follow”>has recently published</a> its latest list of “Recognized Crypto Tokens,” including <a href=”https://www.financemagnates.com/terms/b/bitcoin/” target=”_blank” id=”261088a9-0f41-4202-a73c-31f75ba6bd93_1″ class=”terms__secondary-term”>Bitcoin</a>, Ethereum and Litecoin. As of November, only recognized crypto tokens can be transacted within or from the DIFC.</p><p class=”MsoNormal”>Dubai wants to become a new cryptocurrency hub. To that end, it unveiled the Virtual Asset Law (VAL), establishing the independent Dubai Virtual Assets Regulatory Authority (VARA) to oversee local industry development further. </p><p class=”MsoNormal”>Low taxes and some of the lowest electricity costs <a href=”https://www.financemagnates.com/cryptocurrency/why-crypto-miners-flock-to-dubai-despite-the-hot-weather/” target=”_blank” rel=”follow”>make Dubai</a> an increasingly popular place to mine digital assets.</p><p>Check out the FMLS22 session on “Regulation Roundup: Everything you need to know for 2023.”</p><p class=”MsoNormal”>Dubai and DFSA Regulations Attract Companies</p><p class=”MsoNormal”>The growing popularity of Dubai and the DIFC as a financial center has been confirmed by companies increasingly seeking local licenses to enter the Middle East market. <a href=”https://www.financemagnates.com/forex/brokers/exclusive-zenfinex-enters-mena-with-new-dfsa-license/” target=”_blank” rel=”follow”>As exclusively reported by Finance Magnates</a> in November, Zenfinex, a London-headquartered FX and CFDs broker, gained a DFSA license to expand its services in the region.</p><p class=”MsoNormal”>Nomura, the global financial services group, <a href=”https://www.financemagnates.com/institutional-forex/nomura-opens-dubai-office-expands-wealth-management-in-middle-east/” target=”_blank” rel=”follow”>has announced similar plans</a>. The move to Dubai will allow the expansion of Nomura’s International Wealth Management current services in the new jurisdictions.</p><p class=”MsoNormal”>Two months earlier, Trade.com, a trading brand operated by Trade Capital Holding, <a href=”https://www.financemagnates.com/forex/brokers/exclusive-tradecom-secures-license-in-dubai-eyes-for-italy-and-us-next/” target=”_blank” rel=”follow”>obtained its own authorization</a> and established a representative office in the city. The new license came as a part of the group’s major global expansion plans.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
