Court Uncourt - Volume VIII Issue 7

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UAE has always been one of the first pioneers in adopting the newfangled practices across the globe. One of such being the exchange and regulation of Non-fungible tokens (NFT) in the region. NFT is an electronic commodity that reflects various works in reality such as arts, in-game goods, music and movies etc. Various virtual exchange companies dealing with blockchain technologies in the region deal with NFTs with the rising demand and popularity in UAE. With the UAE securities and commodities authority’s announcement intimating the region of their intention to create a new regulatory framework for crypto-asset licensing in November2020, other authorities centric to certain freezones have taken cue and made similar announcements. It is evident that with the new upcoming regulations in place, UAE will be one the first safe havens for the transactions of NFT, a trend that is clearly here to stay. We, at STA, intend to help our readers understand the know-how to participate in this lucrative trend in UAE. In this issue of Court Uncourt, our lawyers will elaborate on an array of legal matters including a guide to establishing NFTs in UAE. Bitcoin mining, International Cyber-attack and consequences, Explaining Cryptocurrency’s ransomware problem, The International Criminal Court and when it comes into play, Licensing procedure of FDI projects in UAE, Subcontract works under UAE law etc. Through this information outlet, we intend to keep our readers updated on the latest legal developments around the world. Thank you, and we hope you have an insightful read of this issue of Court Uncourt.