中东首个加密IPO落地:速览阿联酋5大虚拟资产监管细节对比

币圈资讯 阅读:41 2024-04-22 12:42:24 评论:0
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作者:博文;来源:白露会客厅

合规是2023年加密行业当之无愧的焦点,全球市场皆是如此。

11月15日,凤凰集团(Phoenix Group)价值13.6亿迪拉姆(3.7亿美元)的股票在阿布扎比证券交易所(ADX)首次公开发行(IPO)的消息,再次将焦点吸引到了中东地区。

近几年,阿联酋积极推动虚拟资产行业在中东地区发展,包括阿联酋官方、迪拜酋长国、以及阿布扎比全球市场、迪拜国际金融中心等金融自由区,纷纷推出不同监管框架,以适应来自全球的需求。

凤凰集团此次如果成功完成上市,意味着首个加密货币和区块链实体在中东股市上市;也提醒投资者:仍需将目光放在以阿联酋为代表的中东市场,寻找更多优质的机会。

阿联酋虚拟资产活动监管环境复杂,权威机构众多。白露会客厅下文将简析阿联酋5大主要监管框架,帮助读者了更好的了解阿联酋监管环境,识别优质项目。

5大主要监管框架并行

如今,中东以及北非地区已是第六大加密经济体,2022 年 7 月至 2023 年 6 月期间,该地区链上交易价值约为 3898 亿美元,占全球交易量的近 7.2%。能有此成果,很大程度上归功于中东代表国家阿联酋的地方和联邦层面的多项监管措施,为虚拟资产行业在中东的可持续增长创造的优良环境。

目前,向阿联酋提供申请,或正在阿联酋提供虚拟资产服务的公司,将需要应对多个监管机构组成的复杂监管环境。根据拟议的活动和此类服务的目标地理位置不同,这些机构具有不同的监管职权。

目前,阿联酋境内有5个主要监管框架管理虚拟资产服务的提供,包括: 

(i)根据关于虚拟资产的第111号内阁决议颁布的联邦法规; 

(ii)迪拜国际金融中心(DIFC)金融自由区法规

(iii)阿布扎比全球市场(ADGM)金融自由区法规; 

(iv)在最近成立的迪拜虚拟资产监管局(VARA)的职权范围内,在迪拜酋长国(不包括 DIFC)境内适用的法规; 

(v)适用于迪拜多种商品中心自由区(DMCC)的加密货币业务许可框架。

不同的监管框架下,发牌实体、管辖范围、公司注册条件、注册$维护费用、受监管的虚拟资产活动类别等方面皆有不同。

虚拟资产联邦法规

联邦法规监管下,发牌实体为阿联酋及商品监管局(SCA)和阿拉伯联合酋长国中央银行;管辖范围包括除迪拜国际金融中心(DIFC)和阿布扎比全球市场(ADGM)外的所有陆地。

对于在联邦法规管辖范围内的虚拟资产行业从业者而言,必须在阿联酋陆地范围内拥有公司实体,并获得相关贸易许可机构的法律批准

根据所从事的相关虚拟资产活动的不同,需支付53,000迪拉姆至505,000迪拉姆(1.4万至13.7万美元)不等的初始牌照费和申请审核费用。除此以外,依据不同虚拟资产相关活动,会产生不同的牌照维护成本。

联邦法规下,重点进行监管的虚拟资产活动类别包括:经纪商服务、虚拟资产咨询服务、交易所/多边交易MTF(Multilateral Trading Facility)、虚拟资产托管、虚拟资产管理、作为委托人进行投资交易等;需特别关注的是,NFT相关活动不在监管范围以内。

除此以外,SCA对能够接受的虚拟资产种类做出了限制,仅在虚拟资产被接受名单上的虚拟资产能被纳入监管。

迪拜国际金融中心金融自由区(DIFC)法规

迪拜国际金融中心金融自由区(DIFC)内,发牌实体为迪拜金融服务管理局DFSA;管辖范围为迪拜国际金融中心全境。

DIFC的虚拟资产从业者,公司实体需在DIFC内,且公司必须要有DIFC公司法规定的法人;

牌照成本方面,需要支付15,000美元至175,000美元不等的初始牌照费;根据从事活动的不同,亦会产生不同的牌照维护成本。

DIFC法规下,重点进行监管的虚拟资产活动类别包括:经纪商服务、虚拟资产咨询服务、交易所/多边交易MTF(Multilateral Trading Facility)、虚拟资产托管、虚拟资产管理、作为委托人进行投资交易等;NFT相关活动同样不在监管范围内。

与联邦法规一样,DFSA 限定了能够接受虚拟资产的种类,只有被接受的虚拟资产能被纳入监管,并在 DIFC 使用流通。

阿布扎比全球市场金融自由区(ADGM)法规

阿布扎比全球市场金融自由区(ADGM)内,发牌实体为金融服务监管局(FSRA);管辖范围为阿布扎比全球市场及阿尔玛利亚岛。

与DIFC类似。ADGM的虚拟资产从业者,公司实体需在ADGM内,且公司必须要有ADGM公司法规定的法人;

ADGM内,初始牌照费用在20,000美元至145,000美元不等;维护费用也因不同活动而有区别。

ADGM法规下,重点进行监管的虚拟资产活动类别包括:经纪商服务、虚拟资产咨询服务、交易所/多边交易MTF(Multilateral Trading Facility)、虚拟资产托管、虚拟资产管理、作为委托人进行投资交易等;NFT相关活动不在监管范围内。

与前两种法规框架不同的是,ADGM不按照加密资产的种类(如比特币、以太坊)而根据不同的公司实体批准加密资产;获批准的加密资产可以在ADGM内流通和使用。

迪拜虚拟资产监管局(VARA)

迪拜虚拟资产监管局即为发牌实体,管辖范围为不包括DIFC在内的整个迪拜酋长国。

对于从业者而言,开展虚拟资产相关活动需要在迪拜酋长国内有公司实体,并获得VARA的批准

成本方面,初始牌照费用在40,000迪拉姆至100,000迪拉姆(1.08万至2.72万美元)之间;牌照维护费用和持续成本因从事相关活动不同而异。

重点进行监管的虚拟资产活动类别包括:经纪商服务、虚拟资产咨询服务、交易所/多边交易MTF(Multilateral Trading Facility)、虚拟资产托管、虚拟资产管理、作为委托人进行投资交易,同时包括NFT相关活动。

VARA对于加密资产的限制较为自由,不存在被接受虚拟资产名单;但同时,VARA保留了对于某些加密资产(如匿名高风险的项目Token)的流通和使用权力。

迪拜多种商品中心(DMCC)加密货币业务许可框架

迪拜多种商品中心(DMCC)即为牌照发牌实体,其管辖范围同样为不包含DIFC在内的整个迪拜酋长国。

从业者需要在DMCC内的公司实体,必须为DMCC法人公司,或非DMCC公司的分公司

注册成本上,DMCC管辖范围内采用统一的初始牌照费,约35,000迪拉姆(约9500美元);维护成本仍因从事活动不同而有区别。

与其他几大框架有很大的区别,DMCC仅针对NFT和作为委托人进行投资交易两类活动进行监管,其他类活动均不在合规范围内也因为合规虚拟资产活动品类有限,可以提供和流通的虚拟资产不再存在限制。

整体上讲,阿联酋的整体监管框架非常灵活,针对所需要从事业务的不同,从业者可以自行注册所需的牌照,以最大化支持业务的创新和推广;也是这样的举措,使得阿联酋极有可能成为下一个全球虚拟资产行业中心,吸引各路项目方、机构进驻。

对于虚拟资产行业而言,灵活的监管方式也是全球市场各国学习借鉴的典范。为不同从业者提供不同的、可选择的监管环境,很有可能是促成更多金融创新的有效方法。


The source of the author's blog post The compliance of Bailu parlor is a well-deserved focus of the encryption industry in 2008, and so is the global market. The news of the initial public offering of Phoenix Group's shares worth 100 million dirhams in Abu Dhabi Stock Exchange on January once again attracted the focus to the Middle East. In recent years, the UAE has actively promoted the development of the virtual assets industry in the Middle East, including the official emirate of the UAE and the Dubai International Financial Center, a global market in Abu Dhabi, and other financial free zones have introduced different regulations. Framework to meet the needs from all over the world. If Phoenix Group successfully completes its listing this time, it means that the first cryptocurrency and blockchain entity will be listed in the Middle East stock market. It also reminds investors that they still need to focus on the Middle East market represented by the United Arab Emirates to find more high-quality opportunities. The regulatory environment for virtual assets activities in the United Arab Emirates is complex, and there are many authoritative organizations. The following will analyze the major regulatory framework in the United Arab Emirates to help readers better understand the regulatory environment and identify the major supervision of high-quality projects. Parallel Framework Now, the Middle East and North Africa are the sixth largest crypto-economy, and the value of online transactions in this region is about US$ 100 million from September to September, accounting for nearly all the global transactions. This achievement is largely attributed to the excellent environment created by various local and federal regulatory measures on behalf of the United Arab Emirates in the Middle East for the sustainable growth of the virtual asset industry in the Middle East. At present, companies that apply to the UAE or are providing virtual asset services in the UAE will have to deal with multiple regulatory agencies. According to the proposed activities and the geographical location of such services, these institutions have different regulatory powers. At present, there is a major regulatory framework in the United Arab Emirates to manage the provision of virtual assets services, including the federal regulations promulgated in accordance with Cabinet Resolution No.1 on virtual assets, the financial free zone regulations of Dubai International Financial Center, and the financial free zone regulations of Abu Dhabi global market. The regulations of Dubai Virtual Assets Supervision Bureau are not within the purview of Dubai Emirates. Including the domestic applicable laws and regulations, the licensing framework of cryptocurrency business in the free zone of Dubai's multi-commodity centers, the jurisdiction of licensing entities under different regulatory frameworks, the registration conditions of companies, the registration and maintenance fees, the types of virtual assets regulated, and so on. The licensing entities under the supervision of federal regulations are the United Arab Emirates and the Commodity Supervision Bureau, and the jurisdiction of the Central Bank of the United Arab Emirates includes all except Dubai International Finance Center and Abu Dhabi global market. For the practitioners in the virtual assets industry within the jurisdiction of the federal regulations, the land must have a company entity within the land of the United Arab Emirates and obtain the legal approval of the relevant trade licensing agencies. According to the different virtual assets activities, it is necessary to pay the initial license fee and application review fee ranging from dirham to dirham million to million dollars. In addition, different virtual assets-related activities will generate different license maintenance costs. Virtual assets that are mainly supervised under the federal regulations. Dynamic categories include brokerage services, virtual assets consulting services, multilateral transactions of exchanges, virtual assets custody, virtual assets management, and investment transactions as clients. What needs special attention is that related activities are not within the scope of supervision. In addition, the acceptable types of virtual assets are restricted. Only the virtual assets on the virtual assets acceptance list can be included in the supervision of Dubai International Financial Center Financial Free Zone Regulations. The licensing entity in Dubai International Financial Center Financial Free Zone is Dubai Financial Service. The Authority's jurisdiction covers virtual assets practitioners throughout Dubai International Financial Center, including company entities, and the company must have the legal person license cost stipulated by the company law, and the initial license fee ranging from US dollars to US dollars will be paid. Different license maintenance costs will also be generated according to different activities. The types of virtual assets activities that are mainly supervised under the regulations include brokerage services, virtual assets consulting services, exchanges, multilateral transactions, virtual assets custody and virtual assets management as the principal. Investment transactions and other related activities are also not within the scope of supervision. Like federal regulations, the types of virtual assets that can be accepted are limited. Only accepted virtual assets can be regulated and used in circulation. Abu Dhabi Global Market Financial Free Zone Regulations, the licensing entity in Abu Dhabi Global Market Financial Free Zone is the Financial Services Regulatory Authority, which has jurisdiction over Abu Dhabi Global Market and Almalia Island and similar virtual assets practitioners, and the company must have a company. According to the law, the initial license fee within a legal person varies from US dollars to US dollars, and the maintenance fee varies according to different activities. The types of virtual assets activities that are mainly regulated under the law include brokerage services, virtual assets consulting services, multilateral transactions, virtual assets custody, virtual assets management and other related activities that are not within the scope of supervision. Unlike the first two legal frameworks, they are not approved according to the types of encrypted assets, such as Bitcoin Ethereum, but according to different corporate entities. Encrypted assets Approved encrypted assets can be circulated and used in Dubai Virtual Assets Supervision Bureau, which means that the jurisdiction of the licensing entity is not included in the whole Dubai Emirates. For practitioners, it is necessary to have a corporate entity in Dubai Emirates and obtain approval costs. The initial license fee ranges from Dirham to Dirham to USD 10,000. The license maintenance fee and continuous cost vary depending on the related activities. The types of virtual asset activities under supervision include brokerage services, virtual asset consulting services, exchanges, multilateral transactions, virtual asset custody, and virtual asset management. As a principal, it also includes related activities. The restrictions on encrypted assets are relatively free, and there is no list of accepted virtual assets, but at the same time it retains the right to circulate and use certain encrypted assets, such as anonymous and high-risk projects. Dubai Multi-commodity Center is the licensing framework for cryptocurrency business. Licensed entities, whose jurisdiction is also not included in the whole Dubai Emirates, are required by employees. Corporate entities must be legal entities or non-corporate branches. The registration cost is uniform. The initial license fee is about dirhams and about US dollars. The maintenance cost is still very different from other major frameworks because of different activities. Only two types of activities are supervised as clients, and other activities are not within the scope of compliance. On the whole, there are no restrictions on the virtual assets that can be provided and circulated because of the limited categories of compliant virtual assets activities. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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