UPGRADED legislation to regulate the digital assets industry took legal effect yesterday, the Securities Commission confirmed.

It said the Digital Assets and Registered Exchanges Act 2024 has now become law after reforms that built on the foundation left by the inaugural Act in 2020. The regulator added that it “took a proactive approach with DARE 2024, ensuring its alignment with current international best practices and the recommendations of standard-setting bodies including the International Organisation of Securities Commissions’ standards for regulators regarding crypto and digital assets, and the Financial Action Task Force recommendations”.

The “key highlights of DARE 2024” include its expanded scope enhanced digital asset exchange requirements robust custody framework, staking framework comprehensive stablecoin framework and digital asset issuers.