According to Jacques Visser, the Legal Counsel of the Dubai International Financial Center (DIFC), the Dubai Financial Services Authority (DFSA) is not only launching a digital asset law, but also focusing on cross-border regulation. Dubai is the first jurisdiction to propose a "basic principle statement defining what digital assets are", and continues to seek extensive consultation globally to address cross-border regulation of virtual assets in accordance with international standards. Currently, the DFSA is carefully studying a three-year digital asset plan by The Law Commission in the UK. Ken Coghill, the Director of Innovation and Technology Risk Regulation at the DFSA, stated that Dubai's regulatory authorities will listen to and refer to industry opinions, examine existing regulations, promote regulatory progress, and establish more effective regulations that are more in line with reality.