The Dubai International Financial Centre's crypto-asset regulatory regime came into effect in November. It now applies to any cryptographically secured digital representation of value, rights, or obligations based on distributed ledger technology, not just tokenised equivalents of conventional securities and derivatives as was the case under the 2021 rules. Three crypto tokens, Bitcoin, Ethereum and Litecoin, are officially recognised. 'Privacy tokens' intended to allow the holder to hide, anonymise, obscure or prevent the tracing of cryptographic keys, underlying transactions, transaction value, parties’ identity, holders or beneficial owners are prohibited. Investment tokens and non-fungible tokens are outside the scope of the new rules.