DFSA jumps onto the tokenisation bandwagon by offering an ITL-route to regulation. Existing DFSA-regulated firms are also eligible - will we see real estate crowdfunding platforms ‘crowding’ up this space??

Personally, we see this as a HUGE opportunity for Crowdfunding platforms and others seeking tokenisation of Real World Assets - get in touch!

You can also read the article here:

https://10leaves.ae/publications/difc/difc-artificial-intelligence-and-web-3-0-licenses

DIFC is building the world-class Campus spanning over 100,000 sq. ft. within the DIFC jurisdiction.

Dubai AI & Web 3.0 Campus’ will attract over US$ 300 million in collective funds, 500+ global AI and Web 3.0 start-ups, and create 3000+ jobs by 2028.

The Dubai AI & Web 3.0 Campus will provide world-class physical and digital infrastructure including R&D facilities, accelerator programs and collaborative workspaces, to attract, build and scale AI companies.

The DIFC AI and Web 3.0 License is one of the cornerstones of the push towards making the DIFC, and the UAE, a hub of technological innovation and advancement.

Firms interested in managing funds from the ADGM are required to submit applications to the Financial Services Regulatory Authority, or FSRA.

The FSRA has a fast-track process for Fund Manager licenses, which come under Category 3C. The Fund Manager, if approved, can manage domestic professional (Exempt and Qualified Investor Funds) and Foreign Funds in other jurisdictions as well. In case the firm wishes to also engage in discretionary portfolio management services, it has to go through a full-fledged license process.

Did you know that in 2019 alone, criminals moved a whopping $2.8 billion in Bitcoin? Yes, you read that right! Cryptocurrency is now one of the preferred destinations for illicit funds by criminals worldwide. Surprisingly, more than half of this amount was transferred to just two exchange platforms - Binance and Huobi.

Click here to Subscribe now!

Relevant links below:

https://home.treasury.gov/news/press-releases/jy1391?utm_source=riffle.beehiiv.com&utm_medium=referral&utm_campaign=from-the-international-desk

https://resources.hummingbird.co/product-updates-and-news/apps?utm_source=riffle.beehiiv.com&utm_medium=referral&utm_campaign=from-the-international-desk

https://www.eba.europa.eu/calendar/consultation-draft-guidelines-amending-risk-based-supervision-guidelines?utm_source=riffle.beehiiv.com&utm_medium=referral&utm_campaign=from-the-international-desk

https://www.gov.uk/government/news/changes-to-reporting-material-discrepancies-to-companies-house?utm_source=riffle.beehiiv.com&utm_medium=referral&utm_campaign=from-the-international-desk

This episode is also available as a blog post: https://riffle.beehiiv.com/p/international-desk

Click here to Subscribe now!

A Fixed Penalty Regime (FPN) is coming. Put very simply, it works as follows:

1. Breach occurs

2. DFSA issues an FPN.

3. Pay the penalty (maximum US$ 50,000) and remedy the breach.

4. If you do 3, DFSA doesn’t sanction you. No public censure and no fine.

5. If you don’t do 3, DFSA can launch enforcement proceedings (i.e. not good news)

   
   

   Read more here.

   
   

   This episode is also available as a blog post: https://riffle.beehiiv.com/p/lets-talk-penalties

Click here to Subscribe now!

The new consultation paper clarifies the DFSA’s stance on Payment Accounts for corporate clients, which allows greater flexibility for money service businesses to offer multiple functionalities to their customers, including larger sums held in Payment Accounts, multi-currency virtual IBANs and issuance of pre-paid cards.

Read the consultation paper here.

And details on the EMI license here.

This episode is also available as a blog post: https://riffle.beehiiv.com/p/money

Click here to Subscribe now!

What kind of a name is Riffle? Is it Rifle? As in smoking gun?

Err, actually that’s a great alternative name by the way. But no, it’s called Riffle - as in riffling through many pages, turning them over, having a quick look.

AHA. So you don’t go into detail - a casual look at things.

I wouldn’t put it that way. More like giving you a gist of info, rather than a pile that no one cares to read.

Nice. And why are we having a convo again? Isn’t this serious stuff?

Of course! Compliance and AML are mighty serious, and this is why we came out with the Riffle. To give you a channel to ACTUALLY read stuff that matters, rather than…for lack of a better word - riffle through it.

And yes, a bit of bionic reading thrown in. You know, the bold bits that actually matter and make you read faster?

This episode is also available as a blog post: https://riffle.beehiiv.com/c/about-riffle