Latest news with #JustinBaldacchino
Khaleej Times
20-05-2025
- Business
- Khaleej Times
DFSA's tokenisation regulatory sandbox attracts investor interest
The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), has announced that 96 innovative firms have expressed interest in the DFSA's inaugural Tokenisation Regulatory Sandbox. 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 Tokenisation Regulatory Sandbox forms part of the DFSA's Innovation Testing Licence programme and supports the regulator's broader commitment to fostering innovation while maintaining market integrity and protecting investors. Expressions of interest came from a diverse range of sectors that are exploring the tokenisation of financial assets and instruments, including those associated with the tokenisation of shares, bonds (including Islamic bonds (sukuk)), units in a fund, 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. This strong engagement underscores DIFC's growing appeal as a global hub for digital finance and innovation. Justin Baldacchino, Managing Director, Supervision, DFSA, said: 'We are excited to see such strong interest in the DFSA's Tokenisation Regulatory Sandbox and to talk about it at the Dubai FinTech Summit. This momentum supports the DFSA's strategic commitment – and aligns with the Dubai Economic Agenda D33 goal – to position Dubai among the world's top four global financial hubs by 2033. The sandbox marks a new chapter in our engagement with innovative financial technologies, enabling firms to safely test tokenised solutions in a transparent, measured, and responsible manner, within a well-regulated environment, without being subject to the full suite of regulatory requirements that would otherwise apply.' The DFSA's themed sandbox approach enables targeted supervision, constructive regulatory dialogue, and the development of tailored policy responses to emerging financial technologies while fostering responsible innovation in the market. It also supports DIFC, Dubai, and the United Arab Emirates' broader ambition to become a global hub for digital assets, fintech, and next-generation financial services and market infrastructure. Following the Expressions of Interest stage, selected firms will be invited to apply for an Innovation Testing Licence and enter a live testing phase under DFSA oversight, where they can refine their offerings while addressing critical areas such as investor protection, transparency, and financial stability. Upon successful completion of the programme, firms may apply to transition to a full, unrestricted licence, or withdraw their Innovation Testing Licence. For more information on the Innovation Testing Licence, access the explainer guide here. 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.
Hi Dubai
14-05-2025
- Business
- Hi Dubai
DFSA Hosts Inaugural Regulatory College to Strengthen Global Fintech Oversight
The Dubai Financial Services Authority (DFSA) brought together global regulators for its first-ever Regulatory College during the Dubai FinTech Summit 2025, tackling the urgent need for international cooperation on cybersecurity and AI oversight. Held behind closed doors under the theme 'Innovation with integrity,' the high-level session welcomed over 30 regulators from 18 authorities across the UAE, the GCC, and beyond. Discussions focused on emerging technological risks, such as post-quantum cryptography and agentic AI, and how evolving regulatory frameworks can safeguard financial stability in a rapidly digitising world. The full-day event aimed to enhance supervisory alignment and knowledge-sharing across jurisdictions. Justin Baldacchino, Managing Director of Supervision at DFSA, emphasized the importance of collaboration, stating, 'Technology is transforming financial services at an unprecedented pace, and it is vital that regulators keep pace – not in isolation, but together.' The DFSA's initiative supports its broader commitment to responsible innovation. Its Innovation Testing Licence, which now includes tokenisation, and its active role in global regulatory groups such as the IOSCO FinTech Taskforce, underline Dubai's ambitions to become a global centre for innovation rooted in regulatory integrity. By hosting this Regulatory College, the DFSA reinforced its position as a driving force behind international dialogue and policy shaping, in line with Dubai's strategy to lead the future of finance while maintaining investor protection and financial market resilience. News Source: Emirates News Agency
Mid East Info
13-05-2025
- Business
- Mid East Info
The DFSA brings 18 Authorities together to discuss AI and cybersecurity risks at inaugural Regulatory College during Dubai FinTech Summit 2025
Dubai, United Arab Emirates, May 2025: The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), hosted this week its inaugural high-level Regulatory College at the heart of the Dubai FinTech Summit 2025. The closed-door session titled 'Innovation with integrity: Advancing Cybersecurity and AI oversight through international dialogue ' brought together more than 30 regulators from 18 Authorities from the UAE, the wider GCC region, and international jurisdictions to discuss pressing issues related to cybersecurity and artificial intelligence (AI). The DFSA Regulatory College marked a full day of engagements focused on knowledge-sharing, supervisory alignment, and proactive dialogue amongst regulators. Participants explored the emerging challenges and opportunities posed by advanced technologies such as post-quantum cryptography, and agentic AI, with a particular focus on how regulatory frameworks can evolve to safeguard financial stability and protect investors in a fast-changing digital landscape. Justin Baldacchino, Managing Director, Supervision, DFSA, who opened the DFSA Regulatory College, said: 'Technology is transforming financial services at an unprecedented pace, and it is vital that regulators keep pace – not in isolation, but together. The DFSA is proud to lead this global conversation, bringing together regulators from multiple jurisdictions across the the United Arab Emirates, GCC, and international jurisdictions to discuss and share learnings on cybersecurity and AI oversight, seize opportunities, and shape the collective vision for the future of finance.' The DFSA's Regulatory College builds on its broader efforts to support responsible innovation through initiatives such as its Innovation Testing Licence, now expanded to include tokenisation, and its active participation in international forums including the Global Financial Innovation Network and the International Organization of Securities Commissions' (IOSCO) FinTech Taskforce Working Groups on AI and crypto assets. These efforts align with Dubai and the United Arab Emirates' strategic ambition to be a leading global centre for innovation, while ensuring that the market is grounded in regulatory integrity and risk awareness. In parallel with the Regulatory College, the DFSA engaged widely with participants at the Dubai FinTech Summit through multiple platforms: Leading the Regulatory Forum sessions on Day 1, with topics and speakers curated to shape global regulatory dialogue on AI, tokenisation, and stablecoins. Elisabeth Wallace, Associate Director, DFSA, who moderated a fireside chat on how regulators are shaping the future of AI in finance with Kristin Johnston, Commissioner, US Commodity Futures Trading Commission (CFTC), said ' As AI becomes more embedded in the financial services market, many global regulators, including the DFSA and CFTC, are looking at how they can support innovation in this area while not stifling innovation and not at the expense of consumer protection and market integrity.' Connecting with delegates at the DIFC exhibition stand to discuss the Innovation Testing Licence, Tokenisation Regulatory Sandbox, Threat Intelligence Platform, and the DFSA's regulatory approach to crypto and digital assets – among other key initiatives. Exchanging views on emerging priorities with industry stakeholders through roundtable discussions on key topics such as wealth management, crypto regulation – including a session co-hosted with the Global Blockchain Business Council – and sustainable finance. Curating DFSA Talks, a series of discussions covering key regulatory topics including supervisory technology, DFSA's authorisation process, and AI policy developments. The DFSA's broad-based participation at the Dubai FinTech Summit 2025 highlights its role as a catalyst for responsible innovation, regulatory integrity, and international cooperation – and reflects its continued commitment to supporting Dubai and the United Arab Emirates' position as a global fintech hub, while ensuring the stability, integrity, and resilience of the DIFC's financial ecosystem. 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. We supervise 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). The DFSA 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's website for more information. Justin Baldacchino is the Managing Director of Supervision at the DFSA, bringing 25 years of international finance experience. He possesses deep expertise in regulatory interpretation, liaison, implementation, risk, regulatory affairs, compliance, anti-money laundering (AML), capital, liquidity, innovation, and technology. Joining the DFSA in 2020, Mr Baldacchino previously served as the Group Head of Regulatory Compliance for ANZ Bank in Australia and held various senior roles at JP Morgan in Hong Kong, including Head of Regulatory Compliance, Asia-Pacific, and Head of International Operational Risk, Asia-Pacific. He also served as Head of Compliance and Risk Governance, Asia for National Australia Bank in Hong Kong. Mr Baldacchino is an alumnus of Melbourne Business School with an MBA and a Post Graduate Diploma, and he holds a Bachelor of Economics from La Trobe University. He completed the Harvard Executive Programme in Regulatory Strategic Management and is a certified AML Specialist. He has served as an Executive Board Member for the Association of Certified Anti-Money Laundering Specialists and is currently a member of The Basel Consultative Group.
Zawya
13-05-2025
- Business
- Zawya
The DFSA brings 18 authorities together to discuss AI and cybersecurity risks
Dubai, United Arab Emirates: The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), hosted this week its inaugural high-level Regulatory College at the heart of the Dubai FinTech Summit 2025. The closed-door session titled 'Innovation with integrity: Advancing Cybersecurity and AI oversight through international dialogue ' brought together more than 30 regulators from 18 Authorities from the UAE, the wider GCC region, and international jurisdictions to discuss pressing issues related to cybersecurity and artificial intelligence (AI). The DFSA Regulatory College marked a full day of engagements focused on knowledge-sharing, supervisory alignment, and proactive dialogue amongst regulators. Participants explored the emerging challenges and opportunities posed by advanced technologies such as post-quantum cryptography, and agentic AI, with a particular focus on how regulatory frameworks can evolve to safeguard financial stability and protect investors in a fast-changing digital landscape. Justin Baldacchino, Managing Director, Supervision, DFSA, who opened the DFSA Regulatory College, said: 'Technology is transforming financial services at an unprecedented pace, and it is vital that regulators keep pace – not in isolation, but together. The DFSA is proud to lead this global conversation, bringing together regulators from multiple jurisdictions across the the United Arab Emirates, GCC, and international jurisdictions to discuss and share learnings on cybersecurity and AI oversight, seize opportunities, and shape the collective vision for the future of finance.' The DFSA's Regulatory College builds on its broader efforts to support responsible innovation through initiatives such as its Innovation Testing Licence, now expanded to include tokenisation, and its active participation in international forums including the Global Financial Innovation Network and the International Organization of Securities Commissions' (IOSCO) FinTech Taskforce Working Groups on AI and crypto assets. These efforts align with Dubai and the United Arab Emirates' strategic ambition to be a leading global centre for innovation, while ensuring that the market is grounded in regulatory integrity and risk awareness. In parallel with the Regulatory College, the DFSA engaged widely with participants at the Dubai FinTech Summit through multiple platforms: Leading the Regulatory Forum sessions on Day 1, with topics and speakers curated to shape global regulatory dialogue on AI, tokenisation, and stablecoins. Elisabeth Wallace, Associate Director, DFSA, who moderated a fireside chat on how regulators are shaping the future of AI in finance with Kristin Johnston, Commissioner, US Commodity Futures Trading Commission (CFTC), said ' As AI becomes more embedded in the financial services market, many global regulators, including the DFSA and CFTC, are looking at how they can support innovation in this area while not stifling innovation and not at the expense of consumer protection and market integrity.' Connecting with delegates at the DIFC exhibition stand to discuss the Innovation Testing Licence, Tokenisation Regulatory Sandbox, Threat Intelligence Platform, and the DFSA's regulatory approach to crypto and digital assets – among other key initiatives. Exchanging views on emerging priorities with industry stakeholders through roundtable discussions on key topics such as wealth management, crypto regulation – including a session co-hosted with the Global Blockchain Business Council – and sustainable finance. Curating DFSA Talks, a series of discussions covering key regulatory topics including supervisory technology, DFSA's authorisation process, and AI policy developments. The DFSA's broad-based participation at the Dubai FinTech Summit 2025 highlights its role as a catalyst for responsible innovation, regulatory integrity, and international cooperation – and reflects its continued commitment to supporting Dubai and the United Arab Emirates' position as a global fintech hub, while ensuring the stability, integrity, and resilience of the DIFC's financial ecosystem. For further information, please contact: Corporate Communications Dubai Financial Services Authority (DFSA) Level 13, The Gate, West Wing Dubai, UAE Email: DFSAcorpcomms@ About: 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. We supervise 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). The DFSA 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's website for more information. Justin Baldacchino is the Managing Director of Supervision at the DFSA, bringing 25 years of international finance experience. He possesses deep expertise in regulatory interpretation, liaison, implementation, risk, regulatory affairs, compliance, anti-money laundering (AML), capital, liquidity, innovation, and technology. Joining the DFSA in 2020, Mr Baldacchino previously served as the Group Head of Regulatory Compliance for ANZ Bank in Australia and held various senior roles at JP Morgan in Hong Kong, including Head of Regulatory Compliance, Asia-Pacific, and Head of International Operational Risk, Asia-Pacific. He also served as Head of Compliance and Risk Governance, Asia for National Australia Bank in Hong Kong. Mr Baldacchino is an alumnus of Melbourne Business School with an MBA and a Post Graduate Diploma, and he holds a Bachelor of Economics from La Trobe University. He completed the Harvard Executive Programme in Regulatory Strategic Management and is a certified AML Specialist. He has served as an Executive Board Member for the Association of Certified Anti-Money Laundering Specialists and is currently a member of The Basel Consultative Group.
Arabian Business
13-05-2025
- Business
- Arabian Business
Dubai's DFSA tokenisation sandbox receives 96 applications from financial firms
The Dubai Financial Services Authority (DFSA) has reported that 96 firms have expressed interest in its Tokenisation Regulatory Sandbox, marking a step forward in the regulator's strategy to support financial innovation within the Dubai International Financial Centre (DIFC). The sandbox, part of the DFSA's Innovation Testing Licence programme, aims to enhance innovation while maintaining market integrity and protecting investors. Interest came from various sectors exploring tokenisation of financial assets, including shares, bonds, Islamic bonds (sukuk), fund units, and related trading and custody services. DFSA sandbox attracts strong interest Both established financial institutions and startups seeking to develop digital asset solutions in a regulated environment showed interest in the initiative, highlighting DIFC's position as a destination for digital finance and innovation. Justin Baldacchino, Managing Director, Supervision, DFSA, said: 'We are excited to see such strong interest in the DFSA's Tokenisation Regulatory Sandbox and to talk about it at the Dubai FinTech Summit. This momentum supports the DFSA's strategic commitment – and aligns with the Dubai Economic Agenda D33 goal – to position Dubai among the world's top four global financial hubs by 2033. 'The sandbox marks a new chapter in our engagement with innovative financial technologies, enabling firms to safely test tokenised solutions in a transparent, measured, and responsible manner, within a well-regulated environment, without being subject to the full suite of regulatory requirements that would otherwise apply.' The sandbox allows for targeted supervision, regulatory dialogue, and development of policy responses to emerging financial technologies. It supports ambitions across DIFC, Dubai, and the United Arab Emirates to become a hub for digital assets, fintech, and next-generation financial services. Following the expressions of interest stage, selected firms will be invited to apply for an Innovation Testing Licence for live testing under DFSA oversight. During this phase, they can refine their offerings while addressing investor protection, transparency, and financial stability concerns. Upon completion, firms may apply for a full licence or withdraw from the programme.
