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  13/09/2024

  UAE

  UAE: SCA Issues New Guidelines on the Regulation of Virtual Assets and VASPs

  IntroductionThe Securities and Commodities Authority (“SCA”) has published the long awaited guidelines (the “Guidelines”) that supplement its existing legislative framework for virtual assets in the UAE, in particular Cabinet Resolution No. 111 of 2022, SCA Decision 13/RM of 2021 (the “SCA Rulebook”) and SCA Decision No.26 (Chairman) of 2023 respectively.The Guidelines apply to all Virtual Assets and Virtual Assets Services Providers (“VASPs”) in the UAE, with the exception of the financial freezones of the DIFC and ADGM.The Guidelines are comprehensive,...

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  13/09/2024

  UAE

  UAE: FSRA consults on proposed stablecoin regulatory framework for ADGM

  On 20 August 2024, the Financial Services Regulatory Authority (“FSRA”) of the Abu Dhabi Global Market (“ADGM”) published a consultation paper No. 7 of 2024 (“CP”) on its proposed regulatory framework for the issuance of “fiat-referenced tokens” (“FRTs”) from the ADGM. These proposals mark a significant development in the regulation of FRT issuance, which has never been specifically addressed in FSRA legislation until now. We have set out the key proposals below.1.      FRT issuance as a new Regulated ActivityUnder...

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  10/09/2024

  International

  CMS Annual Review of English Construction Law Developments: An International Perspective

  We are pleased to announce the publication of the 2024 edition of our internationally focused Annual Review of English Construction Law Developments. The Annual Review summarises key developments in English construction law over the previous calendar year including developments in related common law jurisdictions. The publication has been prepared with our international clients in mind and aims to provide a greater degree of background and analysis than our regular Law-Now alert service.This year’s edition has a strong focus on exclusion and limitation clauses, with more than half of the...

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  20/08/2024

  Saudi Arabia

  Explore investment in Saudi Arabia: the new investment law

  IntroductionAs part of our Explore Investment in Saudi Arabia series, in this article we focus on the new Investment Law[1] (the “Investment Law”), which was published on 16 August 2024, and forms part of one of the goals of Vision 2030 to attract foreign investment to the Kingdom of Saudi Arabia (the “KSA”).The Investment Law is expected to come into force around 16 February 2025 (being 180 days after its publication in the Official Gazette) and will replace the Foreign Investment Law[2] (the “Foreign Investment Law”). Implementing Regulations that will set...

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  15/08/2024

  Saudi Arabia

  Saudi Arabia's economic transformation: the role of economic cities and special zones

  Introduction:  This article forms part of our Explore the Kingdom of Saudi Arabia  Series. The KSA's ambitious Vision 2030 has ignited a wave of economic diversification and growth. Central to this transformation are the Economic Cities and Special Zones, overseen by the Economic Cities and Special Zones Authority (“ECZA”). Established in 2010, ECZA has played a pivotal role in developing these strategic hubs, expanding its mandate in 2019 to encompass the broader goal of attracting foreign investment. By offering tailored incentives, streamlined regulations, and world-class...

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  12/08/2024

  UAE

  Playing by New Rules: The Introduction of the Commercial Gaming Regulatory Authority in the UAE

  The UAE’s General Commercial Gaming Regulatory Authority has gone live, with the launch of its public website and the announcement of the award of the first commercial gaming licence. With well-publicised casino resort developments also under way, this represents the first official stage of a new and potentially lucrative industry in the UAE, unique to the wider region.BackgroundIn September 2023, the UAE announced the formation of a new commercial gaming authority called the General Commercial Gaming Regulatory Authority (“GCGRA”) which has been assigned exclusive jurisdiction...

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