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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
Following its consultation paper 143 on regulation of crypto tokens, the second phase of Dubai Financial Services Authority’s (“DFSA“) crypto token regime has now come in to effect, as of 1 November 2022.
This new regime sets out a regulatory landscape for conduct of financial services in the context of crypto tokens, including, amongst others regulations, around:
Under the new regime the DFSA acknowledges the need to provide transitional arrangements for existing DFSA regulated entities, who have already been engaging in crypto token activities, prior to the formalisation of the regime. Accordingly, it has provided a six (6) month transitional period commencing 1 November 2022. Such transitional arrangement applies only to persons who, before 1 November, were regulated as authorised persons by the DFSA and were carrying on a financial services activity relating to a crypto token, for the continuation of those same activities.
We are equipped to advise potential applicants to understand the regulatory impact of this new regime on their new and / or existing businesses and to the extent required, assist with application process for procuring licenses under the regime.
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.