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Read NowThe DIFC Laws Amendment Law, DIFC Law No. 2 of 2023, proposes to introduce several changes to the existing DIFC laws, including the “Foundations Law 2018”.
One key modification involves incorporating the term “digital assets” into the definition of assets eligible for possession by a DIFC Foundation. This implies that a DIFC Foundation has the authority to possess, oversee, and transfer digital assets, encompassing cryptocurrencies, tokens, smart contracts, and other electronic records with inherent value or associated rights.
The proposed amendment to include the term “digital assets” in the Foundations Law 2018 reflects the DIFC’s intention and commitment to foster innovation and embrace new technologies. It also provides more flexibility and opportunities for DIFC Foundations to diversify their portfolios, manage their assets, and achieve their objectives, whether they are charitable, family, or commercial in nature.
However, the suggested amendment also presents legal and practical complexities and risks for DIFC Foundations engaging with digital assets, including:
DIFC Foundations that intend to hold, transfer, or deal with digital assets should seek legal advice and guidance on the implications and requirements of the proposed amendment and the draft Digital Assets Law, as well as any other relevant DIFC laws and regulations.
A compelling reason to choose the DIFC for setting up a foundation lies in the clearly outlined and flexible legal framework offered by the Foundations Law 2018, governing the establishment and operation of foundations within the jurisdiction.
Should you be considering the establishment of a Foundation in the DIFC or wish to comprehend the consequences of the suggested modifications, or if you have any inquiries or apprehensions regarding the proposed changes, we encourage you to reach out to our offices for proficient advice and support. With our substantial experience and proficiency in guiding clients through the DIFC legal and regulatory landscape, we can assist you in navigating the Regulations’ demands and opportunities.
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