logo
DIFC Proposes Amendments to Data Protection and Other Legislation

DIFC Proposes Amendments to Data Protection and Other Legislation

Hi Dubai26-02-2025
The Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region, has proposed key amendments to its legislation through the DIFC Laws Amendment Law, Law No. 1 of 2005.
These amendments aim to align DIFC laws with international best practices and provide enhanced protections for data subjects.
A significant change involves the Data Protection Law, which seeks to introduce several updates. The amendments will clarify the scope of the law, ensuring that DIFC Data Subjects receive full protection, regardless of where their data is processed. Additionally, updates to Article 28 will allow the Commissioner to reassess the adequacy of third countries' data protection measures. This also ensures that personal data handled by government authorities is properly safeguarded, with accessible remedies for affected individuals.
Another major development is the introduction of a Private Right of Action through DIFC Courts. This will empower data subjects to seek legal remedies if their personal data is processed in violation of the Data Protection Law.
Further proposed amendments will provide clarifications on the Law of Security, Insolvency Law, and Employment, refining existing provisions to enhance legal clarity and consistency.
The proposed changes are open for public consultation, with the consultation period running until March 26, 2025. Interested parties can review the full details of the proposed amendments in Consultation Paper No. 1 of 2025.
These updates reflect DIFC's commitment to maintaining a robust legal framework that aligns with global standards and promotes transparency and fairness in data protection.
News Source: Dubai Media Office
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Global asset tokenisation market value to reach $13.55 trillion by 2030
Global asset tokenisation market value to reach $13.55 trillion by 2030

Khaleej Times

time15 hours ago

  • Khaleej Times

Global asset tokenisation market value to reach $13.55 trillion by 2030

The asset tokenisation market is projected to reach $2.08 trillion in 2025, with expectations of further growth to $13.55 trillion by 2030. Real-world asset (RWA) tokenisation, in particular, is expected to surpass $500 billion by the end of 2025, according to some projections. Toyow, a next-generation, multi-category tokenisation platform, recently signed a Memorandum of Understanding (MoU) with Nisus Finance for the tokenisation of funds and assets worth up to $500 million (Dh1.83 billion) as the latter plans to conduct a Security Token Offering (STO) of its real estate assets under management (AUM) through Toyow's marketplace. Toyow will build a dedicated STO launchpad for Nisus Finance, offering end-to-end technical and operational support. This includes smart contract development, blockchain integration, and full regulatory alignment across UAE, DIFC, and international jurisdictions. Investors holding Toyow token, will be able to invest in his fund using Toyow Token ($TTN). The partnership is part of Toyow's growing more than $38 billion tokenisation pipeline, which spans multiple asset classes and jurisdictions globally. Toyow is a multi-category RWA tokenisation marketplace that enables users to invest in tokenised physical assets through a unified, compliant marketplace, making traditionally illiquid assets accessible, tradable, and more transparent. Toyow, which started its operations in the UAE a few months ago, has already lined up billions of dollar worth of assets for investment by individuals and institutions. 'The UAE is emerging as a global leader in asset tokenisation, with initiatives like Dubai's Real Estate Evolution Space (REES) and the Dubai International Financial Centre's (DIFC) security-token framework. These initiatives are providing clear legal pathways for on-chain asset issuance,' Surajit Chanda, Co-Founder and CEO, Toyow, says. Disruptive technologies, such as asset tokenisation, could transform real estate over the next few years. Built on blockchain technology, tokenisation converts physical or financial assets into bite-sized, digital representations that can be securely traded or owned in fractional portions on a digital platform, a report by Deloitte said. 'Tokenised real estate could not only pave the way for new markets and products, but also give real estate organisations an opportunity to overcome challenges related to operational inefficiency, high administrative costs charged to investors, and limited retail participation,' it said. Real estate tokenisation is a major area of growth, with some predicting a market cap of $1.5 trillion by 2025, according to a report by Antier Solutions. Toyow's tokenisation covers a number of asset classes including real estate, commodities, movies, music, art, luxury cars, and many more. From asset onboarding and legal compliance to token issuance, secondary trading, and investor payouts, Toyow covers everything en-to-end. Its products are built for trust with strong focus on regulatory integrity, investor protection, and secure custody. 'Toyow's strategic focus on retail and institutional investors serve both everyday investors and regulated institutions while its token offerings have a global first compliant approach looking at the jurisdiction and custodial frameworks in different territories. Its token issuances are technologically scalable backed with smart contracts that come with dynamic rewards and automated compliance flows,' Surajit Chanda says. 'The UAE's progressive crypto and virtual asset framework (especially in Dubai and Abu Dhabi) provides an ideal launchpad for compliant RWA tokenisation.' Toyow is focusing on premium residential, hospitality, and branded commercial real estate developments in Dubai, Abu Dhabi, Riyadh, and Doha for tokenisation as $500 million worth of real estate tokenisation discussions already underway with developers in Dubai.

Property Network concludes Dhs125 million, The Observatory Presidential Suite sale at Akala by Arada
Property Network concludes Dhs125 million, The Observatory Presidential Suite sale at Akala by Arada

Gulf Today

time18 hours ago

  • Gulf Today

Property Network concludes Dhs125 million, The Observatory Presidential Suite sale at Akala by Arada

Property Network is pleased to announce the successful sale of The Observatory, ultra-exclusive Presidential Suite at Akala by Arada, an iconic project by Arada for AED 125 million, located strategically between Downtown Dubai and the Dubai International Financial Centre (DIFC). The Observatory Presidential Suite spans over 23,000 square feet, offering breathtaking panoramic views of both the Downtown skyline and DIFC. As one of Dubai's most significant ultra-prime residential transactions in 2025, the sale underscores the growing demand for properties that combine luxury living with health-centric design Akala is the first development in the region to integrate ultra-luxury hospitality with medical-grade wellness, precision diagnostics, and performance-enhancing amenities. Designed for those who value longevity and well-being as much as design and location, the project provides a comprehensive lifestyle ecosystem catering to the world's most discerning clientele. The transaction was successfully led by Mr. Furqan Tabani (Chief Executive Officer) and Mr. Aasim Aminuddin (Client Manager) of Property Network, who provided end-to-end advisory and representation for the client, ensuring a seamless, high-value experience. 'We are incredibly proud to have concluded this milestone deal, which reflects not only the market's appetite for integrated luxury-wellness residences but also Property Network's continued ability to deliver excellence for our clients,' said Furqan Tabani, CEO of Property Network. This landmark sale comes at a particularly meaningful time, as Property Network celebrates its 20th anniversary—marking two decades of trusted expertise, leadership, and impact in the Dubai real estate sector.

Toyow launches operation in the GCC region
Toyow launches operation in the GCC region

Zawya

timea day ago

  • Zawya

Toyow launches operation in the GCC region

Toyow has already lined up US$35 billion worth of assets for investment in the coming months, after signing a MoU with Nisus Finance to tokenise US$500 million real estate assets under management Dubai, UAE; Toyow, a next-generation, multi-category tokenisation platform, is set to change the investment landscape in the region by democratising the asset ownership through digital platform – a growing trend that is set to accelerate the asset tokenisation market value to US$13.55 trillion by 2030, from US$2.08 trillion this year. Toyow is a multi-category RWA tokenisation marketplace that enables users to invest in tokenised physical assets through a unified, compliant marketplace, making traditionally illiquid assets accessible, tradable, and more transparent. Toyow, which started its operations in the UAE a few months ago, has already lined up billions of dollar worth of assets for investment by individuals and institutions. The asset tokenisation market is projected to reach US$2.08 trillion in 2025, with expectations of further growth to US$13.55 trillion by 2030. Real-world asset (RWA) tokenisation, in particular, is expected to surpass $500 billion by the end of 2025, according to some projections. 'The UAE is emerging as a global leader in asset tokenisation, with initiatives like Dubai's Real Estate Evolution Space (REES) and the Dubai International Financial Centre's (DIFC) security-token framework. These initiatives are providing clear legal pathways for on-chain asset issuance,' Surajit Chanda, Co-Founder and CEO, Toyow, says. 'Toyow is redefining access to real-world assets by enabling the tokenisation of categories like real estate, art, precious metals, alternative investments, and more, on-chain. Built for institutional-grade compliance and scalability, Toyow enables asset owners to digitise, fractionalise and monetise high-value assets, while offering investors secure, transparent access to global investment opportunities through a liquid, blockchain-powered marketplace.' Disruptive technologies, such as asset tokenisation, could transform real estate over the next few years. Built on blockchain technology, tokenisation converts physical or financial assets into bite-sized, digital representations that can be securely traded or owned in fractional portions on a digital platform, a report by Deloitte said. 'Tokenised real estate could not only pave the way for new markets and products, but also give real estate organisations an opportunity to overcome challenges related to operational inefficiency, high administrative costs charged to investors, and limited retail participation,' it said. Real estate tokenisation is a major area of growth, with some predicting a market cap of US$1.5 trillion by 2025, according to a report by Antier Solutions. Toyow envisions a world where anyone, anywhere can invest in and benefit from real-world assets, whether it's a car, a movie, a house, or a piece of art. By making ownership fractional and digital, Toyow aims to democratise access to wealth creation opportunities that were once limited to a few. Toyow recently signed a Memorandum of Understanding (MoU) with Nisus Finance for the tokenisation of funds and assets worth up to US$500 million (Dh1.83 billion) as the latter plans to conduct a Security Token Offering (STO) of its real estate assets under management (AUM) through Toyow's marketplace, and Toyow will provide all necessary technical assistance for Nisus Finance's offering. Toyow will build a dedicated STO launchpad for Nisus Finance, offering end-to-end technical and operational support. This includes smart contract development, blockchain integration, and full regulatory alignment across UAE, DIFC, and international jurisdictions. Investors holding Toyow token, will be able to invest in his fund using Toyow Token ($TTN). The partnership is part of Toyow's growing more than US$38 billion tokenisation pipeline, which spans multiple asset classes and jurisdictions globally. Toyow's tokenisation covers a number of asset classes including real estate, commodities, movies, music, art, luxury cars, and many more. From asset onboarding and legal compliance to token issuance, secondary trading, and investor payouts, Toyow covers everything en-to-end. Its products are built for trust with strong focus on regulatory integrity, investor protection, and secure custody. 'Toyow's strategic focus on retail and institutional investors serve both everyday investors and regulated institutions while its token offerings have a global first compliant approach looking at the jurisdiction and custodial frameworks in different territories. Its token issuances are technologically scalable backed with smart contracts that come with dynamic rewards and automated compliance flows,' Surajit Chanda says. 'Toyow is a first mover in the multi-category tokenisation business in the region where real asset ownership is made simple, compliant, and liquid. We are targeting the UAE and broader GCC region as a hub for regulated and large-scale adoption of tokenised real-world assets (RWAs). 'The UAE's progressive crypto and virtual asset framework (especially in Dubai and Abu Dhabi) provides an ideal launchpad for compliant RWA tokenisation.' Toyow is focusing on premium residential, hospitality, and branded commercial real estate developments in Dubai, Abu Dhabi, Riyadh, and Doha for tokenisation as US$500 million worth of real estate tokenisation discussions already underway with developers in Dubai. About Toyow Toyow is a next-generation, multi-category tokenization platform enabling seamless access to real-world assets (RWAs) through blockchain technology. Toyow empowers institutions and investors to tokenize, trade, and manage physical and financial assets—from real estate, commodities, to movies, music, art and alternative investments—on a unified, secure, and compliant marketplace. With a focus on regulatory integrity, investor protection, and scalable infrastructure, Toyow supports full-cycle tokenization services including smart contract development, STO launchpads, and secondary trading. Its mission is to democratize ownership and unlock liquidity across traditionally illiquid asset classes for the next billion in Web3.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store