The Dubai Financial Services Authority (DFSA) announced they are planning to create a regulatory framework for the developing cryptocurrency sector in the country.
It is expected for the regulations to be effective as of 2022 and include all the digital assets and cryptocurriencies. Although they have not announced all the details, it is understood that the regulations will be based on surveys and consultations to be carried on during the year. They will also consider the best practices that have been implemented around the world.
In a released statement, the DFSA shares they are «committed to remain open for business with respect to innovation in the financial services sector and we continue to explore how our regulatory regime can accommodate new and innovative business models.»