On 15 October 2024, the Dubai International Financial Centre (DIFC) Courts announced the launch of a new suite of advanced digital services at GITEX Global 2024, including the Digital Assets Will. This service allows individuals to distribute their digital assets via a non-custodial wallet, built on Hedera Distributed Ledger Technology (DLT), providing enhanced security and control. The Digital Assets Will enables individuals to include their digital assets such as Ethereum Classic (ETH), Bitcoin (BTC), Matic, USD Coin (USDC), Tether (USDT), Hedera (HBAR), and Hedera Token Service (HTS) within a non-custodial DIFC Courts wallet. Users retain full control over their assets during their lifetime, allowing them to allocate and transfer digital assets as desired, with the assets distributed as ‘specific gifts’ upon the Testator’s passing. Future updates to the system will likely include support for NFT standards, such as ERC 721, ERC 1155, Ordinals, and HTS.
This new offering complements the existing range of DIFC Courts Wills, which include the Full Will, Property Will, Financial Assets Will, Business Owners Will, and Guardianship Will. Testators registering a Full Will can also choose to incorporate the distribution of their digital assets within the same Will if preferred. The entire Will preparation process, from drafting to registration, is fully digitised and accessible globally. Individuals can create and register their Digital Assets Will through a user-friendly online portal, ensuring seamless service delivery for both residents and international clients.
The Digital Assets Will registration process begins with the Testator selecting either a Single or Mirror Will option. For individuals registering a Single Will, the service costs AED 5,000, while the Mirror Will, intended for married couples registering two Digital Assets Wills simultaneously, costs AED 7,500. The online process involves inputting personal details, specifying Executors and Beneficiaries, and securing an appointment for Will registration. The entire process is conducted through video conferencing, where the Testator and two Witnesses join the call from any location worldwide. The Will is signed electronically on touch-screen devices, securely encrypted, and stored in the DIFC Courts’ database. A copy is immediately shared with the Testator.
Upon successful registration, the Testator will receive instructions via email on how to access the DIFC Courts’ non-custodial wallet. This wallet allows users to manage and assign their digital assets to Beneficiaries as desired during their lifetime at no extra cost. It is worth noting that any modifications to the Will, such as changing the list of Beneficiaries, will incur a fee.
DIFC Courts have simultaneously launched Digital Notary Service. This service will notarise English documents through multiple service options, including automated self-service, live virtual notary services, or in-person appointments. Users can also choose Primary Source Verification (PSV) for authentication purposes. Powered by Hedera Blockchain, the notary service will ensure that notarisation events are timestamped and preserved through DLT, converting documents to NFTs in compliance with ERC20 standards and ensure the integrity and privacy of notarised documents, with encryption methods maintaining confidentiality throughout the process.
The DIFC Courts also introduced the Mediation Service Centre, providing a streamlined digital alternative dispute resolution system. This service allows parties to engage with DIFC-registered mediators, negotiate resolutions, and conduct mediation meetings online through the upgraded AI-enabled Court Management System (CMS), or in person.
Justice Omar Al Mheiri, Director of the DIFC Courts, stated that “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 development of these digital services is supported by The Hashgraph Association, Deca4 Advisory, and DataFlow Group, which collectively ensured the secure and effective implementation of these innovative legal offerings. Kamal Youssefi, President of The Hashgraph Association, appreciated the importance of this partnership in advancing digital innovation within the UAE’s legal infrastructure, while Mohammed Mahfoudh, CEO of Deca4 Advisory, discussed the DIFC Courts’ leadership in setting benchmarks for government and semi-government entities globally.
(Source: https://www.difccourts.ae/media-centre/newsroom/difc-courts-launches-new-suite-digital-services-gitex-global-2024-including-digital-assets-will, https://www.difccourts.ae/difc-courts-wills/services/digital-assets-will)
