GITEX Global 2024: New Digital Assets Will By DIFC Courts Empowers Users With Control Over Their Online Assets

The Dubai International Financial Centre (DIFC) Courts have taken a significant leap forward in digital innovation, as seen at GITEX Global 2024, where they unveiled a new Digital Assets Will service among other digital public offerings. These developments are part of a broader move to enhance the accessibility and functionality of legal services through advanced digital platforms. Demonstrations at the event highlighted the seamless integration of new service platforms, emphasizing their ease of use, security measures, and overall efficiency in handling digital assets.

In a groundbreaking update to their Wills Service offerings, the DIFC Courts introduced the Digital Assets Will, a tool allowing individuals to distribute their digital assets securely. This service utilizes a non-custodial DIFC Courts wallet, offering users the flexibility to allocate their digital assets to beneficiaries of their choosing. This wallet not only facilitates the reallocation of assets but also grants individuals complete control over their digital assets throughout their lifetime, ensuring that these assets are distributed according to their wishes as specific gifts.

The digital assets recognized by this innovative wallet span a wide range, including cryptocurrencies like ETH, BTC, and MATIC, along with digital currencies such as USDC and USDT, and even HBAR. Looking ahead, the system is set to expand its capabilities to support various NFT standards, including ERC 721, ERC 115, Ordinals, and the Hedera Token Service (HTS), further broadening the scope of digital assets that can be managed through the Digital Assets Will.

In addition to the Digital Assets Will, the DIFC Courts also offer a comprehensive array of Will types, catering to different needs. This includes the Full Will, Property Will, Financial Assets Will, Business Owners Will, and Guardianship Will. The Courts have also established an online automated Will drafting service and a Virtual Registry, allowing both domestic and international users to create and register their Wills easily, irrespective of their location. This ensures that investors and residents worldwide can access these services, further enhancing the global reach of the DIFC Courts.

Adding to the digital transformation of legal services, the DIFC Courts have also introduced a Notary Service, the first of its kind in the UAE dedicated to notarizing English documents. This service offers users varied options, including automated self-service, a live virtual system, and an in-person service, enhanced by an authentication service through primary source verification (PSV). Notarized documents will benefit from advanced cryptographic methods for verification, leveraging Hedera Blockchain technology for secure and transparent logging of notarization events.

The Notary Service accepts a wide range of document types for attestation and notarization, from affidavits and witness statements to Wills, power of attorney, and even marriage certificates. This expansion of services signifies the DIFC Courts' commitment to providing comprehensive digital legal solutions that cater to a broad spectrum of needs.

Furthermore, the DIFC Courts have introduced a Mediation Service Centre, offering an alternative dispute resolution avenue. This service enables disputing parties to seek resolution with the assistance of registered mediators, with options for online or in-person mediation meetings. This initiative underscores the Courts' dedication to providing diverse and effective dispute resolution mechanisms.

Justice Omar Al Mheiri, Director of DIFC Courts, highlighted the importance of these developments, stating, "In our new digitally driven societies, individuals and businesses are demonstrating increased desire for easily accessible public services. The strong growth momentum arising from the implementation of the Dubai Economic Agenda D33, and the Dubai Digital Strategy, has touched a diverse range of sectors, including government legal services.

"Our obligation is to deploy the latest emerging technologies to facilitate this growth and demand. Breaking down the boundaries of access to justice sits at the core of our operations and these new digital services provide ease of process across administrative tasks, such as notarisation, to more complex matters involving alternative dispute resolution and inheritance. The DIFC Courts, together with its public and private sector partners, is proud to spearhead some of the UAE's most progressive government legal services, supported by smart technology implementations."

The DIFC Courts' digital transition has been supported by key partnerships, notably with The Hashgraph Association, specialists in constructing Distributed Ledger Technology (DLT) ecosystems. This collaboration has been instrumental in building a bespoke DLT architecture for the DIFC Courts, ensuring reliable and secure digital legal services. Kamal Youssefi, President of The Hashgraph Association, expressed pride in contributing to this innovative journey, highlighting the project's impact on strengthening decentralized infrastructures and advancing digital innovation across the UAE.

Moreover, Deca4 Advisory and the DataFlow Group have played crucial roles in developing these new digital services. Their expertise in advanced technology and background screening has been pivotal in ensuring the integrity and security of the DIFC Courts' digital offerings. Mohammed Mahfoudh, CEO of Deca4 Advisory, and Sunil Kumar, CEO of DataFlow Group, both emphasized their organizations' commitment to supporting the DIFC Courts' mission of digital transformation, underscoring the importance of their partnerships in achieving these goals.

The DIFC Courts' launch of new digital services, including the Digital Assets Will and Notary Service, marks a significant advancement in legal service accessibility and efficiency. These initiatives, supported by strategic partnerships and advanced technologies, reflect the Courts' ongoing commitment to innovation and excellence in serving the UAE's legal needs.