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.
Keywords: Middle East and Africa, UAE, Dubai, Banking, Regtech, Basel, Crypto Tokens, Rulebook, AML CFT, Crypto-assets, Dubai FSA
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