Clyde & Co appointed lead legal adviser to Dubai Future Foundation on its Property Tech Sandbox
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Press Releases 30 October 2024 30 October 2024
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Middle East
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Financial Services Regulatory
Dubai/Brisbane, 30 October 2024: Global law firm, Clyde & Co today announces its role as lead legal adviser to the Dubai Future Foundation on the Property Tech Sandbox.
Dubai Future Foundation (DFF) has launched two new sandboxes under the Dubai Sandbox initiative, aimed to boost innovation and accelerate regulatory advancements in the gig economy and PropTech sectors.
A platform to test products under regulatory supervision
Sandbox Dubai is a centralised platform that offers a structured approach to regulatory modernisation, enabling innovators and companies to test their products, services, and business models under adaptive regulatory supervision. It aims to bring together stakeholders from both the public and private sectors to collaboratively shape regulations and accelerate regulatory modernisation across key industries.
The PropTech Sandbox in particular aims to foster a regulatory environment that accelerates the adoption of emerging technologies, enhancing the efficiency, sustainability, and accessibility of Dubai’s real estate sector.
Clyde & Co is acting as lead legal counsel, advising DFF on creating its PropTech Sandbox, a regulatory sandbox for the tokenisation of real-world assets, starting with real property. Clyde & Co’s cross-border and cross-practice team is led by digital assets and financial services regulatory partners Liam Hennessy (Brisbane), Peter Hodgins (Dubai), and Tom Bicknell (Dubai).
Liam Hennessy said: “This is a globally significant mandate in support of a major global economy, and the sandbox will have a critical impact on Dubai's economy in the property and digital assets space. Clyde & Co are well placed to handle cross-border complexity in cutting edge markets for institutions and governments across the world.”
Peter Hodgins said: “This is an innovative mandate and particularly interesting in terms of regulation and digital assets, and where they intersect with traditional markets in new and complicated ways. We look forward to supporting the Dubai government with this initiative.”
Clyde & Co’s market-leading digital assets and financial services regulatory teams have the experience and knowledge to bolster risk and compliance in established regulatory frameworks, and provide rapid, detailed responses to new regulatory requirements and risks as they arise. The global team has recently expanded with the arrival of partner Tom Bicknell in Dubai earlier this month. The Middle East regulatory and investigation team has acted on some of the region’s highest profile investigations, including prominent regulatory inquiries, regulatory enforcement, criminal investigations and prosecutions, and related civil litigation, alongside resolving and advising on extensive financial services regulatory issues.
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