DFSA Desires to Higher Shield Shoppers Belongings, Publishes New Technique

DFSA Unveils 2023–2024 Strategy, With an Emphasis on the Status of Dubai International Financial Centre as a Financial Hub
The goal of the newest strategy, which was introduced by the Dubai Monetary Companies Authority (DFSA), a specific financial zone in Dubai, is to create and maintain the reputation of the Dubai Worldwide Monetary Centre (DIFC) as the premier location for the finance industry from 2023 to 2024. The greater safety of buyers’ property is one of the four key topics included in the method, according to Fadel Al Ali, Chairman of the DFSA.
One of the main goals is probably to prevent financial crime, and the DFSA actively supports local authorities in putting recommendations from the collaborative analysis the Financial Action Task Force (FATF) and the UAE produced two years ago into practice. In addition, the DFSA is committed to upholding the obligations outlined in the Paris Local Weather Settlement in order to better address Environmental, Social, and Governance (ESG) issues.
Litecoin, Ethereum, and Bitcoin are on the DFSA’s list of “Acknowledged Crypto Tokens,” which was released in conjunction with the regulatory technique update. Only approved cryptocurrency tokens could be exchanged within or outside of the DIFC as of November. In an attempt to become a centre for cryptocurrency, the Dubai government unveiled the Digital Asset Legislation (VAL), which created the independent Dubai Digital Belongings Regulatory Authority (VARA) to oversee the development of local businesses. The municipality is becoming a more and more popular location to mine digital real estate because it also enjoys lower taxes and some of the lowest electrical energy costs.
Zenfinex, an FX and CFDs dealer with its headquarters in London, has announced that it has obtained a DFSA licence in order to expand its offerings in the region. This news was covered by Finance Magnates. Meanwhile, the global financial services group Nomura has unveiled corresponding plans, seizing the opportunity presented by the move to Dubai to further expand its Global Wealth Management business in the new legal framework. In addition, Commerce Capital Holding’s purchasing and selling platform, Commerce.com, received its licence and established a consulting office. One of the primary strategies for the group’s foreign expansion included this licence.