Dubai FSA Updates Rulebook Modules and Consults on Crypto Token Regime
The Dubai Financial Services Authority (Dubai FSA) has set out proposals for a regulatory regime for persons wishing to provide financial services in respect of Crypto Tokens. Dubai FSA also updated certain Rulebook modules for banks, which came into force on April 07, 2022 and follow the legislative amendment proposals set out in the consultation paper numbered 141.
The updates cover General Module, Auditor Module, Authorized Market Institutions Module, and Anti-Money Laundering and Counter-Terrorist Financing and Sanctions Module applicable to financial firms, including banks, insurers, and asset managers:
- General Module (GEN) Rule-Making Instrument (No. 318) 2021, which repeals and replaces the General Module (GEN) of the Dubai FSA Rulebook with an updated version
- Auditor Module (AUD) Instrument (No. 319) 2021, which repeals and replaces the Auditor Module (AUD) of the Dubai FSA Rulebook with an updated version
- Authorized Market Institutions Module (AMI) Instrument (No. 320) 2021, which repeals and replaces the Authorized Market Institutions (AMI) module of the Dubai FSA Rulebook with an updated version
- Anti-Money Laundering, Counter-Terrorist Financing, and Sanctions Module (AML) Instrument (No. 321) 2021, which repeals and replaces the Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) of the Dubai FSA Rulebook with an updated version
The consultation on regulatory regime for crypto tokens covers the definition of crypto tokens, excluded and prohibited tokens, accepted crypto tokens, operations of a trading venue, clearing and settlement, information technology security requirements, business and operating rules, disclosures, prudential requirements, and Islamic financial services. The comment period on this consultation ends on May 06, 2022.
Related Links
Keywords: Middle East and Africa, UAE, Dubai, Banking, Regtech, Basel, Crypto Tokens, Rulebook, AML CFT, Crypto-assets, Dubai FSA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
MNB Publishes Circular on Preparations for End of LIBORRelated Articles
EBA Sets Out Roadmap for 2023, Updates Reporting Framework 3.2
The European Banking Authority (EBA) published its work program for 2023 as well as the technical package for phase 3 of version 3.2 of its reporting framework.
FED Announces Launch of Climate Scenario Analysis Exercise in 2023
The Board of Governors of the Federal Reserve System (FED) announced a pilot climate scenario analysis exercise for six largest banks in the U.S.
BIS Paper Studies Impact of Fintech Lending on Small Businesses in US
The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.
UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks
The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).
EBA Launches EU-Wide Transparency Exercise in 2022
The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.
SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks
The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."
EC Rule Lists Advanced Economies for Market Risk Capital Calculations
The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
