Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region, has once again demonstrated its commitment to innovation and adaptability in the financial sector. After the introduction of the Digital Assets Law earlier this year — the world’s first comprehensive legal framework for digital assets — DIFC followed suit with the introduction of the Digital Assets Will.
The Digital Assets Law, along with a new Law of Security and amendments to existing legislation, was designed to address the legal complexities of the emerging digital assets landscape. These legislative measures ensure that DIFC’s regulatory ecosystem evolves alongside international trade and technological advancements, offering legal certainty for investors and users of digital assets.
Building on this foundation, the Digital Assets Will, launched at GITEX Global 2024, provides an innovative mechanism for managing and distributing digital assets, further cementing DIFC’s status as a pioneer in the digital financial ecosystem.
Key Features of the Digital Assets Will
A. Non-Custodial Wallet
- Built on Hedera Distributed Ledger Technology, users retain complete control over their assets, including cryptocurrencies such as Ethereum Classic (ETH), Bitcoin (BTC), Matic, USD Coin (USDC), Tether (USDT), Hedera (HBAR), and Hedera Token Service (HTS).
- Enables individuals to designate assets to chosen beneficiaries and manage them at their discretion during their lifetime, distributing them as ‘specific gifts.’
B. Future-Ready Enhancements
- The wallet is set to support emerging NFT standards, including ERC 721, ERC 115, Ordinals, and HTS (Hedera Token Service), reflecting the growing significance of digital collectibles in estate portfolios.
C. Integration with Tejouri Vault
- Assets and Wills can be securely stored in Tejouri, a state-of-the-art global digital vault.
- Tejouri ensures secure data storage through advanced encryption, biometric authentication, and distributed ledger technology (DLT).
- Uploaded life admin files are protected by high-security standards using multiple authentication methods, encrypted data, biometric verification, and advanced cryptography.
D. Global Accessibility
The DIFC Courts’ Virtual Registry enables users worldwide to draft, register, and manage their Wills through video link consultations, ensuring inclusivity and convenience for international investors and residents.
Will registration is facilitated through online video conferencing, enabling the Testator and two Witnesses to participate remotely from any location. The Will is electronically signed using a touchscreen device, securely encrypted, and stored in the DIFC Courts’ database, with a copy immediately provided to the Testator. Following registration of a Digital Assets Will, the Testator receives instructions on how to access their non-custodial wallet. Any modifications to the Beneficiary list require an update to the Will and may be subject to applicable fees.
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