The Gulf Cooperation Council ("GCC") region, particularly the United Arab Emirates ("UAE") and the Kingdom of Saudi Arabia ("KSA"), is experiencing a dynamic transformation in its financial sector driven by the rapid rise of...more
4/17/2024
/ Buy Now Pay Later (BNPL) ,
Data Protection ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
FinTech ,
Investment ,
Popular ,
Regulatory Agenda ,
Sandbox ,
United Arab Emirates (UAE)
On September 29, 2023, the UAE Central Bank (CBUAE) introduced the new Finance Companies Regulation, which repealed the Finance Companies Regulation issued in 2018 and formally recognized "buy-now, pay-later" (BNPL) schemes...more
The Dubai Virtual Assets Regulatory Authority (VARA) has officially launched its highly anticipated licensing framework for virtual asset service providers (VASPs), ushering in a new era of regulatory oversight for virtual...more
11/16/2023
/ Broker-Dealer ,
Compliance ,
Digital Assets ,
Documentation ,
Dubai ,
Investment ,
Investment Management ,
License Applications ,
Licensing Rules ,
Marketing ,
United Arab Emirates (UAE) ,
Visual Artists Rights Act (VARA)
1. Repos in the Islamic market -
In our article titled "Repos in Islamic Finance"1 we concluded that Shari'ah-compliant repurchase transactions ("Repos") could play a useful role as a liquidity management instrument to...more
9/15/2023
/ Capital Markets ,
Collateral ,
Collateralization ,
Financial Institutions ,
Financial Services Industry ,
Global Market ,
Libor ,
Liquidity ,
Liquidity Risk Management Rule ,
Middle East ,
Repurchases ,
UK ,
United Arab Emirates (UAE)
In recent years, regulators within the United Arab Emirates (the UAE) have worked to foster an environment for the sustainable growth of the UAE virtual asset sector through the enactment of several regulatory measures...more
What you need to know about the VARA Marketing Regulations -
Following the issuance of Law No.4 of 2022 on the Regulation of Virtual Assets in February 2022 (the "DVAL") and the establishment of the Dubai Virtual Assets...more
On 28 February 2022, the Ruler of Dubai issued Law No.4 of 2022 on the Regulation of Virtual Assets (the "DVAL") in Dubai, which came into effect on 11 March 2022. The DVAL is the first law in Dubai, which specifically...more