Regulation · Regime · Dubai International Financial Centre (DIFC) · Sandbox or pilot regime · Dubai Financial Services Authority
DFSA Tokenisation Regulatory Sandbox (DIFC)Updated 14 Oct 2026
A cohort within the DFSA's Innovation Testing Licence programme in which firms pilot tokenised financial instruments in the DIFC, including tokenised equity, debt, sukuk and fund interests and related trading and custody infrastructure. The DFSA received 96 expressions of interest in its first round in 2025; selected firms are invited to apply for a licence and move to live testing.
In force
Key points
- Two stages: an expression of interest, then an Innovation Testing Licence (ITL) Tokenisation Cohort in which selected firms test under DFSA supervision with tailored regulatory adjustments.[1]
- Aimed at firms issuing, trading, holding or settling tokenised equities, bonds, sukuk and fund units, including existing DFSA-authorised firms; crypto tokens and fiat crypto tokens are out of scope.[1]
- Firms that complete testing successfully may move to a full DFSA licence.[1]
What it covers
EquityDebt securityFund interestListed equitiesPrimary issuanceSecondary trading
Timeline
- May 2025 · ConsultationDFSA reports 96 expressions of interest for the first sandbox round.[2]
- Jul 2025 · In forceSecond phase starts: selected firms invited to live testing under the ITL framework with bespoke test plans.[3]
Deployments operating under it
None recorded with a source yet.
Sources
- [1]DFSA's Tokenisation Regulatory Sandbox — Dubai Financial Services Authority. Accessed 14 Oct 2026.A
- [2]DFSA receives 96 applications for tokenisation sandbox in a push to regulate digital assets — Finance Middle East, 13 May 2025. Accessed 12 Oct 2026.C
- [3]DFSA Launches Phase Two of Tokenization Sandbox with Live Testing Under ITL Framework — Unlock Blockchain, 22 Jul 2025. Accessed 14 Oct 2026. Cites a DFSA LinkedIn statement; no DFSA press release found..C