Latest news with #CharlotteRobins
Gulf Business
18-07-2025
- Business
- Gulf Business
Dubai Financial Services Authority's Charlotte Robins on how its Tokenisation Sandbox is gaining traction
Image: Supplied Charlotte Robins, MD of Policy and Legal at the Dubai Financial Services Authority ( In this interview, Robins discusses the models that stood out, how the initiative aligns with Dubai's D33 economic agenda, and how the DFSA is balancing innovation with robust regulation to position the DIFC as a top-four global financial hub. The Tokeni s ation Regulatory Sandbox attracted 96 expressions of interest from six jurisdictions. What does this level of global interest tell you about the future of tokeni s ation and DFSA's regulatory positioning? 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. What were some of the most promising or innovative tokenisation models proposed by applicants? Were there any particular sectors — like sukuk or property funds — that stood out? The expression of interest process provided the DFSA with valuable insight into the diversity and maturity of tokenisation models being developed globally . The DFSA received nearly 100 responses – including 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. Applications were received from within the UAE and from other regions such as the UK, EU, Canada, Singapore and Hong Kon . Can you walk us through the evaluation process? What key factors determined whether a firm was invited into the Innovation Testing Licence programme versus granted full authorisation? As a brief recap, the e xpression of interest (EOI) period ran from March– April this year. Thereafter we conducted an initial assessment of the submissions received and whether the tokeni s ation activities fall within our regulatory perimeter of financial services activities that can be conducted in the DIFC. Following these assessments, the DFSA had discussions with a majority of the applicants and shortlisted those that were sufficiently clear on their business model , ready to do business in and from the DIFC and ha d a level of familiarity with DFSA rules, and therefore ready to progress to the next stage. In June, a number of firms were then invited to prepare their applications, either for the Innovation Testing Licence programme (ITL), which is our regulatory sandbox , or where the business model is sufficiently matured and tested in other markets, for a full licen c e . The DFSA assesses the firms' readiness to apply for the Tokenisation S andbox based on the ITL eligibility criteria that we have in place, such as : •S ufficiency of resources (financial and operational) to operationali s e • R eadiness to test its innovative products and services • C ommitment to deploy products and services in the DIFC and broader UAE during and after the sandbox testing period How does the DFSA strike a balance between enabling financial innovation and ensuring market integrity, particularly with emerging technologies like tokenisation ? At the DFSA, we recognise that robust, balanced, and proportionate regulatory frameworks have a key role to play in creating an environment in which innovative firms can thrive. On this basis, we create, and tailor our regulatory regimes appropriately and don't seek to impose unnecessary regulatory burden, and inadvertently stifle innovation. To that end, we always publicly consult on any changes to our rulebook to ensure that our approach to regulation: Is proportionate and risk-based enough to foster beneficial innovation, yet robust enough to avoid a race to the bottom and a loss in trust and confidence; Evolves and adapts in line with market developments, adopting the principle of 'same activity, same risk, same regulatory outcome'; and Focuses on regulatory outcomes that meet the needs of local markets rather than adopting a 'one-size-fits-all' regulatory approach. Additionally, on an ongoing basis we proactively engage with market participants, their advisors, and industry bodies, for example, to ascertain how our regulatory regime can be enhanced and improved e.g., via industry webinars, roundtables, outreaches, and consultation. In such an area where rapid change appears to be a permanent feature of the environment within which these markets operate, we see both collaboration and industry engagement as being essential. From investment tokens to stablecoin approvals, the DFSA has taken progressive steps in digital asset regulation. How will insights from this sandbox phase inform future regulatory developments? Insights from our sandbox – the Innovation Testing License , will allow us to observe how innovative technologies perform in a controlled environment. This will enable us to identify potential risks, benefits and gaps in existing regulation, which will in turn lead to more informed balanced, and adaptive policymaking that supports innovation while protecting consumers. W e are continuously developing our models and policies to ensure that they don't stifle growth whilst ensuring investor protection and responsible innovation. In May 2025, we published an explainer guide to clarify the process of apply ing to the ITL sandbox so that we can continue to empower innovators with the knowledge they need to engage with the DFSA and bring transformative financial services to market in the DIFC. We're seeing more interest in innovation / crypto – firms coming to us and we collaborate with other regulatory standard-setter via groups such as the Global Financial Innovation Network (GFIN) to ensure that we share-knowledge and best practices. As a regulator, it's important that we are balance growth and innovation whilst continuing to protect our stakeholders, investors and the market. In terms of what we are seeing in the innovation space – Tokenisation is probably at the top of the list. How does the Tokenisation Regulatory Sandbox align with Dubai's D33 economic agenda? In your view, what role will tokenisation play in helping DIFC become one of the world's top four financial hubs? The DFSA's regulatory ITL Sandbox aligns with Dubai's D33 economic agenda by enabling safe experimentation with tokeni s ed and innovative financial products – positioning the DIFC at the forefront of FinTech innovation. As Dubai aims to become one of the world's leading financial hubs, our sandbox serves as a practical mechanism for translating policy into real-world outcomes. Attracting global players while shaping regulation which is ready for the future. By embedding tokenisation within a transparent framework, we are not only fostering innovation, but setting global standards , cementing Dubai as a leading jurisdiction for digital finance. DFSA has been opening its regulatory sandbox to non-traditional financial institutions and tech startups. What strategies are you deploying to ensure diverse participation—and how is that shaping your regulatory toolkit? To ensure diverse participation of non-traditional financial institutions (NBFIs) and tech start-ups in the ITL programme , DFSA implements a combination of outreach, design flexibility, incentivi s ation and support mechanisms. Some o f the key strategies implemented by the DFSA include : • I ntroducing themed sandbox such as the T okenisation S andbox launched earlier this year ; • A llowing fintechs to participate in the sandbox with proportionate regulatory re quirements including waivers and modi fications from re gulations during the testing period ; • D esigning streamlined and transpa rent application process with clear timelines and expectations ; • P roviding regulatory guidance through closed supervision to enable participants' success in the programme . Initiatives such as 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 . As previously mentioned, our sandbox , will allow us to observe how innovative technologies perform in a controlled environmen t which will in turn enable us to identify potential risks, benefits and gaps in existing regulation – resulting to more informed balanced, and adaptive rulemaking . Read:
Hi Dubai
17-06-2025
- Business
- Hi Dubai
DFSA Advances Tokenisation Strategy with New Regulatory Sandbox Phase
The Dubai Financial Services Authority (DFSA) has launched the next phase of its Tokenisation Regulatory Sandbox, selecting a group of firms to begin live testing under its Innovation Testing Licence (ITL) programme. The move signals the regulator's growing commitment to fostering responsible innovation within the Dubai International Financial Centre (DIFC). Introduced in March 2025, the sandbox drew 96 expressions of interest from across the UAE, UK, EU, Canada, Singapore, and Hong Kong. Applicants proposed a range of use cases, including the tokenisation of financial assets such as bonds, sukuk, and fund units, along with trading and custody solutions. The initiative attracted both established institutions and emerging start-ups looking to scale token-based models within a regulated framework. The DFSA's ITL programme, first launched in 2017, allows firms to test innovative products in a controlled environment. Following a rigorous review process, select firms were invited into the sandbox for live trials, while others qualified for direct authorisation under existing rules due to the maturity of their operations. Charlotte Robins, Managing Director of Policy & Legal at the DFSA, said the level of global interest reflects a 'growing appetite for responsible innovation' and confidence in the Authority's regulatory approach. 'By working closely with local and global firms, we are helping ensure new ideas are tested against regulatory expectations,' she said. Participants will now co-develop bespoke testing plans with the DFSA, with sandbox trials set to begin in the coming weeks. Insights from this phase will inform future regulatory policy and help shape the Authority's evolving digital asset framework. The initiative forms part of the DFSA's broader strategy to align with global best practice and support Dubai's D33 agenda to become one of the world's top four financial hubs by 2033. News Source: Emirates News Agency
Gulf Today
16-06-2025
- Business
- Gulf Today
DFSA begins engagement with firms selected for its Tokenisation Regulatory Sandbox
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. 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. WAM
Mid East Info
16-06-2025
- Business
- Mid East Info
The DFSA begins engagement with firms selected for its Tokenisation Regulatory Sandbox, reinforcing its commitment to responsible innovation in the DIFC
Dubai, United Arab Emirates, June 2025: 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.
