Dubai surprised many businesses earlier this year when it issued a new Virtual Assets Law. Dr Laura Voda, Of Counsel at Fichte Legal, examines this law’s most significant provisions and what could be next in this area in the UAE and other parts of the GCC. “Dubai Law No. 4/2022 Regulating Virtual Assets in Dubai, …
Historically, the practice of creating security in the UAE could be distinguished from common law jurisdictions, with no recognition of floating charges or future assets. There was no comprehensive legislation which mandated the registration of security interests against movable assets. This changed with the introduction of the Federal Law No. 20 of 2016, which is …
When and Where? Launched earlier this year, the ChequeScore is an innovative tool of Al Etihad Credit Bureau (AECB), aimed at complementing the initiatives of the UAE Government to decriminalize bounced cheques. As of April 20 2022, the ChequeScore can be accessed on the website of AECB, its features being fully functional. ChequeScore has been …
The Dubai International Arbitration Centre (DIAC) published its new arbitration rules (DIAC Arbitration Rules 2022 or the “New Rules”) on 2nd March 2022; these are in effect as of 21st March 2022. The 2022 Rules replace the erstwhile DIAC Arbitration Rules of 2007 and will be applicable to all arbitrations commenced after the 21st of …
Most jurisdictions are yet to enact laws or regulations governing cryptocurrencies and non-fungible tokens, leaving much uncertainty in the field. At a time when virtual assets are increasingly becoming a part of business transactions, and public interest in the sector is surging, the move to enact a law on virtual assets in Dubai is a …
