The DFSA begins engagement with firms selected for its Tokenisation Regulatory Sandbox
Dubai, United Arab Emirates: The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), today announced the next phase of its Tokenisation Regulatory Sandbox, beginning engagement with firms selected to join its Innovation Testing Licence programme – the DFSA's regulatory sandbox that allows entities to test innovative financial products and services under a controlled environment.
The DFSA continues to differentiate itself through initiatives that support innovation across the FinTech ecosystem. The Authority launched its Innovation Testing Licence in 2017, and remains focused on building an adaptive, forward-looking market that is aligned with the emerging needs of both traditional and non-traditional financial institutions, investors, and entrepreneurs.
In 2021, the DFSA introduced its first-of-its-kind Investment Token regime to regulate tokens used as investment instruments, and implemented an enhanced Crypto Token regime in 2022 as a second-phase framework for classifying, recognising, and governing crypto tokens. This was followed in June 2024, when the DFSA further refined its approach with amendments – including streamlined token-recognition criteria and the first approvals of stablecoins – underscoring its commitment to adaptive, responsible innovation.
Applying this strategy more broadly, the DFSA's Tokenisation Regulatory Sandbox, launched in March 2025, received 96 expressions of interest from across the United Arab Emirates, United Kingdom, European Union, Canada, Singapore, and Hong Kong. The launch of the sandbox marks a major step forward in the DFSA's strategy to support responsible financial innovation within the DIFC and reflects its growing focus on tokenisation as a transformative force in financial services.
The expression of interest process provided the DFSA with valuable insight into the diversity and maturity of tokenisation models being developed globally. Applications included proposals to tokenise financial assets and instruments, such as bonds (including Islamic bonds, or sukuk), units in a fund (including money market funds and property funds), and the trading and safe custody of those assets – reflecting the broad potential of tokenisation across the financial ecosystem.
The initiative attracted strong interest from both established financial institutions wishing to explore tokenisation use cases and innovative start-ups looking to scale breakthrough digital asset solutions in a regulated environment.
Speaking at the DFSA's Policy & Legal Roundtable, Charlotte Robins, Managing Director, Policy & Legal, said: 'The global interest in our Tokenisation Regulatory Sandbox signals the importance of, and growing appetite for, responsible innovation, and recognises the appeal of DFSA's regulatory approach to innovation. As a regulator, our role is to support innovation and its positive contribution to the financial markets in ways that maintain market integrity and protect the public interest within the DIFC. By working closely with local and global firms through the sandbox, we are encouraging responsible innovation and helping to ensure that new ideas are tested against regulatory expectations.'
Following a detailed review, applicants were assessed based on their business model, clarity of use case, and readiness to test. Some firms were invited into the sandbox for live testing under the Innovation Testing Licence, while others were considered suitable for full authorisation under existing rules due to the maturity of their operations and experience in other regulated jurisdictions.
Next steps
The DFSA will now work with the firms selected for the Innovation Testing Licence to co-develop bespoke testing plans. Sandbox participants will begin trials within a controlled environment in the coming weeks. The outcomes from this cohort will help inform future regulatory policy and potential refinements to the DFSA's evolving digital assets and broader innovation frameworks.
The DFSA's Tokenisation Regulatory Sandbox underscores the DFSA's commitment to enable innovation in a way that is responsible, informed, and aligned with global regulatory best practice – supporting the DIFC's position as a leading hub for digital finance, and aligning with Dubai's Economic Agenda D33, which aims to make Dubai one of the world's top four global financial hubs by 2033.
For more information on the Innovation Testing Licence, access the Explainer Guide.
For further information, please contact:
Corporate Communications
Dubai Financial Services Authority (DFSA)
Level 13, The Gate, West Wing
Dubai, UAE
Email: DFSAcorpcomms@dfsa.ae
www.dfsa.ae
About DFSA
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose-built financial free zone in Dubai, UAE. The DFSA regulates and supervises financial services firms and markets in the DIFC. These include asset managers, banks, custody and trust services, commodities futures traders, fund managers, insurers and reinsurers, traders of securities and fintech firms. The DFSA supervises exchanges and trading platforms for both conduct and prudential purposes, overseeing an international securities exchange (Nasdaq Dubai) and an international commodities derivatives exchange (Gulf Mercantile Exchange). It is also responsible for supervising and enforcing anti-money laundering and countering the financing of terrorism requirements applicable in the DIFC. Please refer to the DFSA website for more information.
Charlotte Robins, Managing Director, Policy and Legal, joined the DFSA in May 2024, where she leads the development of the DFSA's policy framework, manages legal risks, provides comprehensive legal advice and support across the organisation, and drafts the administrative laws and rules that form the DFSA's regulatory framework. Ms Robins has over 25 years of experience in Hong Kong and London advising financial institutions – including investment and private banks, fund and wealth managers, and insurance companies – on financial services regulation, covering conduct and prudential requirements, strategic business development, regulatory change, and risk management. Prior to joining the DFSA, she was a partner at A&O Shearman and held senior roles at Norton Rose Fulbright and Clifford Chance. Ms Robins is qualified to practice law in England and Wales, and in Hong Kong SAR.
DFSA Policy & Legal Media Roundtable Hosted: Monday, 16 June 2025
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