Insights / News
Insights / News
The new Digital Assets Law is considered to be ground-breaking as it is the first legislative enactment to comprehensively set out the legal characteristics of digital assets as a matter of property law, to provide for how digital assets may be controlled, transferred and dealt with by interested parties and to introduce an impairment regime that addresses the unique characteristics of digital assets.
The new Law of Security is influenced by the UNCITRAL Model of Secured Transactions and significantly enhances DIFC’s securities regime to keep pace with international developments in this field and to ensure DIFC remains at the forefront of best practice and technological developments. As part of this extensive legal reform, the former Financial Collateral Regulations have been repealed and a new chapter concerning financial collateral (which may include digital assets) is contained in the new Law of Security.
In addition, as reflected in Schedule 2 of the Digital Assets law, a large number of other DIFC Laws have been amended, for example:
Outer Temple’s digital assets and banking and finance specialists Andrew Spink KC, David Russell KC, Nicolas Stallworthy KC, Justina Stewart, Henry Reid, Joshua Cainer, Anson Cheung and Charlotte Elves, alongside Hin Liu from Oxford University drafted the consultation papers and draft laws after months of work.
The proposed new laws and amendments constitute a first-of-its-kind approach to digital assets and secured transactions and reflects Outer Temple’s pre-eminence in the field of digital assets and banking and finance.
To read the proposed laws and amendments, and the news release in September 2023, click here.
To read the latest DIFCA announcement of the enacted laws, click here.
To find out more on OTC’s digital assets and banking and finance experts please contact Sam Carter on +44 (0)203 989 6669.
News 14 Mar, 2024