10 Leaves

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 & W...

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 fi...

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/...

Click here to Subscribe now! A Fixed Penalty Regime (FPN) is coming. Put very simply, it works as follows: Breach occurs DFSA issues an FPN. Pay the penalty (maximum US$ 50,000) and remedy the breach. If you do 3, DFSA doesn’t sanction you. No public censure and no fine. If you don’t do 3, DFSA can launch enforcement proceedings (i.e. not good news) Read more here . This episode is also available...

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 o...

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 t...

This episode is also available as a blog post: https://10leaves.ae/publications/difc/hedge-funds-in-the-difc The DIFC is a leading financial hub in the region. Besides offering a wide range of financial service activities, the centre also provides an integrated environment and world-class standard of living. It is well regarded in the international community as well.   During 2022, a record number...

This episode is also available as a blog post: https://10leaves.ae/publications/difc/difc-venture-studio-launchpad-license The DIFC has now announced the launch of the first global “Venture Studio Launchpad” to assist with the growth of the UAE’s financial ecosystem, and to be a growth partner and business enabler to venture studios, allowing them to set up and scale from the DIFC. The Proposed  V...

This episode is also available as a blog post: https://10leaves.ae/publications/difc/difc-venture-studio-framework   Last year, the DIFC announced the launch of the first global “Venture Studio Launchpad” to assist with the growth of the UAE’s financial ecosystem, and to be a growth partner and business enabler to venture studios, allowing them to set up and scale from the DIFC. The Proposed...

This episode is part of the 10 Academy training series. Here is a bit about how we at 10 Leaves can help you. We provide turnkey services for getting authorised, and staying authorised. Our GRC team is at hand to help you with ongoing compliances, prudential reporting and risk management. We also assist you with maintaining good corporate governance in the Firm, one aspect that is much overlooked...

This episode is part of the 10 Academy training series. Here is a bit about how we at 10 Leaves can help you. We provide turnkey services for getting authorised, and staying authorised. Our GRC team is at hand to help you with ongoing compliances, prudential reporting and risk management. We also assist you with maintaining good corporate governance in the Firm, one aspect that is much overlooked...

This episode is part of the 10 Academy training series.  Here is a bit about how we at 10 Leaves can help you. We provide turnkey services for getting authorised, and staying authorised. Our GRC team is at hand to help you with ongoing compliances, prudential reporting and risk management. We also assist you with maintaining good corporate governance in the Firm, one aspect that is much overl...

This episode is also available as a blog post: https://10leaves.wordpress.com/2022/07/10/emi-licenses-in-the-difc/ Firms interested in carrying out Money Service activities from the DIFC are required to submit applications to the Dubai Financial Services Authority, or DFSA. The DFSA, for the purposes of authorisation and supervision, categorises money services business activities based on the type...

This episode is also available as a blog post: https://10leaves.ae/publications/difc/credit-funds-in-the-difc What is a credit fund? Credit funds are collective investment funds that use fund property (i.e., investors’ money) either to originate, or to purchase, loans, or both. The limited options for borrowing from banks in certain markets have led to the increase in the opportunity for fund mana...

This episode is also available as a blog post: https://10leaves.ae/publications/blockchain-crypto/registering-and-licensing-defi-and-dapps-in-the-difc How to register a DeFi or DApp project in the DIFC The Middle East has seen a flurry of tech-related activity in the recent years. Tech companies are characterized by rapid ideation followed by implementation at an equally rapid pace. Another c...

This episode is also available as a blog post: https://10leaves.ae/publications/blockchain-crypto/setting-up-alternate-trading-system-ats-in-the-difc What is an Alternative Trading System? An ATS is a platform that is more loosely regulated than an exchange. It is used to match large orders mainly from institutional clients, and hence work as broker-dealers rather than exchange houses. They are al...

This episode is also available as a blog post: https://10leaves.ae/publications/blockchain-crypto/difc-digital-assets-regime The Dubai Financial Services Authority (DFSA) recently issued a consultation paper on the regulation of Security Tokens in the DIFC. This paper is one of the two consultation papers that will go on to make the base for the DIFC Digital Assets Regime, thus opening the gateway...

This episode is also available as a blog post: https://10leaves.ae/publications/blockchain-crypto/difc-digital-assets-regime The Dubai Financial Services Authority (DFSA) recently issued a consultation paper on the regulation of Security Tokens in the DIFC. This paper is one of the two consultation papers that will go on to make the base for the DIFC Digital Assets Regime, thus opening the gateway...

The 10 Leaves Group, one of the region’s leading bespoke consultancies, will now accept crypto payments for their blockchain-related services and solutions. With this, 10 Leaves becomes the first consultancy of it’s kind in the region to accept cryptocurrency payments, thus opening up their services to a wider audience of pioneers in businesses that work with Distributed Ledger Technology applicat...

The 10 Leaves Group, one of the region’s leading bespoke consultancies, now launches solutions for blockchain and crypto fintechs! Our journey started with regulatory licensing services in 2005, one year after DIFC launched the first financial centre in the region. We built up a strong portfolio of clients in traditional finance, and then moved on to advising fintechs in establishing a base in the...

This episode is also available as a blog post: https://10leaves.ae/publications/difc/guide-to-the-difc-asset-manager-license Firms engaging in the activity of ‘ Asset Management ’, can apply to the DFSA for a Cat 3C License . Asset management, in this context, means managing client portfolios on a discretionary basis, under a client mandate. Firms interested in managing client assets from the DIFC...

The Dubai Financial Services Authority (DFSA) recently issued a consultation paper on the regulation of Security Tokens in the DIFC. This paper is one of the two consultation papers that will go on to make the base for the DIFC Digital Assets Regime, thus opening the gateway to a whole new world of exciting and cutting-edge fintech applications using the Distributed Ledger Technology (DLT). The DF...

This episode is also available as a blog post: https://10leaves.ae/publications/difc/difc-innovation-testing-license-dfsa-innovation-testing-license The Innovation Testing License is a regulatory sandbox offered by the Dubai Financial Services Authority (or DFSA) , which is the independent regulator of all financial services companies that seek authorisation or are currently authorised in the DIFC...