DIFC Courts Introduce Innovative Digital Services Including Digital Assets Will At GITEX Global 2024

The Dubai International Financial Centre (DIFC) Courts have introduced a range of digital public services, highlighted by the Digital Assets Will, at GITEX Global 2024. This innovative service enables individuals to manage and distribute their digital assets through a non-custodial DIFC Courts wallet, ensuring full control during their lifetime and allowing asset allocation as ‘specific gifts’ to beneficiaries.

Digital assets compatible with this wallet include ETH, BTC, MATIC, USDC, USDT, and HBAR. Future updates will expand support to NFT standards like ERC 721, ERC 115, Ordinals, and Hedera Token Service (HTS). This new Will template complements existing DIFC Courts Wills such as the Full Will and Property Will.

The DIFC Courts offer an online automated Will drafting service alongside a Virtual Registry. This allows individuals worldwide to create and register a DIFC Courts Will via video link with a compliance officer in Dubai. Investors and residents can utilise these services from any location globally.

Additionally, Wills can be stored in tejouri, a global digital vault launched in 2022. Tejouri acts as a cloud vault and online safe for data, supported by DIFC’s data centres. Access is limited to the vault holder and designated recipients, ensuring privacy and security through advanced protocols.

The new suite also includes the UAE's first Notary Service for English documents. It offers three options: automated self-service, live virtual sessions, and in-person notarisation. Documents are verified using cryptographic methods and recorded on the Hedera Blockchain for enhanced integrity.

A Mediation Service Centre has been established by the DIFC Courts to facilitate dispute resolution. Parties can choose to mediate with registered professionals either online or at the DIFC Courts premises in person.

Justice Omar Al Mheiri, Director of DIFC Courts, stated that "In our digitally driven societies, individuals and businesses are increasingly seeking accessible public services. These new digital services, supported by the Dubai Economic Agenda D33 and Dubai Digital Strategy, break down barriers to justice and simplify processes for both administrative tasks and complex dispute resolutions."

The launch of these services received backing from The Hashgraph Association, Hedera, Deca4 Advisory, and DataFlow Group. These organisations played a crucial role in supporting the development of these advanced digital offerings.

With inputs from WAM