Dubai Legal Affairs Department holds workshop on virtual asset disputes

As part of its continuous efforts to raise legal awareness regarding disputes associated with modern digital assets, the Government of Dubai Legal Affairs Department held a workshop on virtual asset disputes to introduce the necessary skills for designing contracts to reduce the risks arising from them. The workshop was presented by Joseph Lee, a professor at the University of Manchester in the United Kingdom and was attended by a number of relevant employees from the Government of Dubai.

The workshop, which was held as part of the Department's activities during Dubai Arbitration Week, addressed the concept of digital assets such as cryptocurrencies, Non-Fungible Tokens (NFTs), and stablecoins. Within a practical framework, it also tackled the most common disputes in this field, including disputes related to regulation, conversion rates, fraud, and disputes arising from service provision such as cyber security breaches and unauthorized money conversion, among other disputes that may arise from digital assets.

The workshop also discussed arbitration as a method for dispute resolution, which is the preferred choice for many digital asset platforms, due to the ability to appoint a specialized expert to preside over the cases, and to avoid a judicial precedent that may result from litigation before the courts. Furthermore, the workshop addressed some of the challenges associated with arbitration such as the execution process.

The workshop included practical case studies that allowed participants to identify and discuss a number of legal issues related to modern FinTech contracts, thereby contributing to enhancing trainees' awareness of the associated legal frameworks.