On 2 October 2023, the UAE issued Federal Law No. 54 of 2023, which amended Federal Law No. 14 of 2018 on the Central Bank and the Organization of Financial Institutions and Financial Activities (the “Central Bank Law”) and changed the definition of currency to include a “National Digital Currency”. The amendment to the Central Bank Law was published in the Official Gazette on 31 October 2023.
The United Arab Emirates’ federal-level financial services regulator relevant to securities, commodities and now Virtual Assets Service Providers, the UAE Securities and Commodities Authority (SCA), has just issued two new regulations relevant to Virtual Assets:
1. SCA Chairman of the Board of Directors’ Decision No. (26/RM) of 2023 in relation to Virtual Assets Platform Operators
2. SCA Chairman of the Board of Directors’ Decision No. (27/RM) of 2023 amending SCA Chairman of the Board of Directors’ Decision No. (13/RM) of 2021 in relation to the SCA Rulebook
Baker McKenzie is delighted to invite you to interactive seminars on 1 March 2023 in Abu Dhabi and 2 March 2023 in Dubai as part of our EMEA Russia Sanctions Briefings. The seminars will focus on the multijurisdictional sanctions challenges facing financial institutions and their clients and other corporates in the Gulf, in relation to the US, UK, EU and UAE sanctions regimes, particularly against Russia. We will also focus on the current enforcement environment and best practices for mitigating sanctions risk arising from potential compliance failures.
The Dubai Financial Services Authority of the Dubai International Financial Centre had started its foray into regulating the crypto sector by introducing investment tokens in September 2021. The spotlight is now on the DFSA as it looks to make sweeping changes to its regulatory regime concerning recognized crypto tokens as of 1 November 2022.
In addition to the comprehensive economic support and stimulus program launched by the UAE Central Bank to curb the financial impact of the COVID-19 pandemic, the UAE has introduced radical amendments to the UAE Bankruptcy Law, offering distressed debtors with some level of leniency during these times of economic uncertainty and market disruption caused by circumstances outside of their control.
Key changes include: adding new provisions to the law related to “emergencies” such as pandemics and natural and environmental disasters; new debtor’s rights to delay filing for bankruptcy and to resort to out-of-court settlement agreement with creditors; and mechanisms to obtain new financing under certain rules and conditions.
As the 2019 Novel Coronavirus (COVID-19) continues to spread across the world, governments are actively working with global and local health authorities to implement nationwide measures to help curb transmission and mitigate virus-related risks as well as offer relief for businesses and individuals in these challenging times. In response, businesses…
DOWNLOAD PUBLICATION For over three decades, Baker McKenzie Habib Al Mulla has helped businesses optimize opportunities and mitigate risks in the United Arab Emirates (UAE) and wider Middle East. The 2019 edition of the Doing Business in the UAE is your simple but comprehensive guide to understanding the current investment…
Greater scrutiny into financial crimes The newly enacted Federal Law No. 20 of 2018 on Anti-Money Laundering Law (AML Law) contains important improvements over the prior legal framework to combat financial crimes. For the first time, digital currencies are brought within the ambit of the law, targeting online money laundering…