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National and international organizations are now able to apply for the Innovation Test License (ITL) program at the Dubai International Financial Center (DIFC), Dubai’s Special Economic Zone.
The Dubai Financial Services Authority (DFSA), an independent regulator of financial services within or from DIFC, publication On Friday, we moved away from the ITL cohort-based application process.
Regulators said they would start accepting applications from interested companies starting this Friday.
Launched in 2017 by DFSA, ITL is a licensed regulatory sandbox that enables licensed companies to test new and innovative financial products, services, and business models both inside and outside the DIFC.
Since its inception, the program has hosted 67 of the 130 applicants who have applied for participation in the program.
“From this month, DFSA will move to an open-window format, and interested companies will be able to apply as soon as they are ready to test the product,” DFSA said in a statement on its website.
Independent regulators have stated that companies willing to participate in the regulatory sandbox need to clearly explain their planned business model and proposed innovative products or services.
Justin Baldaccino, managing director of oversight at DFSA, said the format change demonstrates the regulator’s efforts to support innovation in the economy.
In addition, DFSA aims to pave the way for DIFC’s financial future, Baldachin said.
Baldacchino explains: Innovation is needed to enable businesses to drive growth and discover new opportunities in ever-changing consumer situations.
The ITL program is at the forefront of DFSA’s innovation agenda and serves as a platform for testing new models that may emerge as successful ventures contributing to the DIFC and financial services sector within Dubai.
Dubai, the most populous city in the United Arab Emirates (UAE) and the capital of the United Arab Emirates, is a popular tourism and business destination.
Cryptographic trading platform OKX confirmed Thursday that it has obtained a provisional virtual asset license from the Dubai Virtual Asset Regulator (VARA) to facilitate trading by qualified investors through a list of approved products and services. Did.
Crypto.com, the top cryptocurrency exchange, also announced last month that it received provisional approval for its virtual asset MVP license from VARA.
Crypto.com said that as soon as all required requirements are met, the exchange will be licensed under a specialized program.
Rapyd, an Israeli fintech company, also opened a new office in Dubai last month to become the first Israeli company regulated by the UAE.
In addition, FxPro, a contract for difference settlement broker, recently opened a new office in Dubai as part of a move to expand its global presence.
National and international organizations are now able to apply for the Innovation Test License (ITL) program at the Dubai International Financial Center (DIFC), Dubai’s Special Economic Zone.
The Dubai Financial Services Authority (DFSA), an independent regulator of financial services within or from DIFC, publication On Friday, we moved away from the ITL cohort-based application process.
Regulators said they would start accepting applications from interested companies starting this Friday.
Launched in 2017 by DFSA, ITL is a licensed regulatory sandbox that enables licensed companies to test new and innovative financial products, services, and business models both inside and outside the DIFC.
Since its inception, the program has hosted 67 of the 130 applicants who have applied for participation in the program.
“From this month, DFSA will move to an open-window format, and interested companies will be able to apply as soon as they are ready to test the product,” DFSA said in a statement on its website.
Independent regulators have stated that companies willing to participate in the regulatory sandbox need to clearly explain their planned business model and proposed innovative products or services.
Justin Baldaccino, managing director of oversight at DFSA, said the format change demonstrates the regulator’s efforts to support innovation in the economy.
In addition, DFSA aims to pave the way for DIFC’s financial future, Baldachin said.
Baldacchino explains: Innovation is needed to enable businesses to drive growth and discover new opportunities in ever-changing consumer situations.
The ITL program is at the forefront of DFSA’s innovation agenda and serves as a platform for testing new models that may emerge as successful ventures contributing to the DIFC and financial services sector within Dubai.
Dubai, the most populous city in the United Arab Emirates (UAE) and the capital of the Dubai Emirates, is a popular tourism and business destination.
Cryptographic trading platform OKX confirmed Thursday that it has obtained a provisional virtual asset license from the Dubai Virtual Asset Regulator (VARA) to facilitate trading by qualified investors through a list of approved products and services. Did.
Crypto.com, the top cryptocurrency exchange, also announced last month that it received provisional approval for its virtual asset MVP license from VARA.
Crypto.com said that as soon as all required requirements are met, the exchange will be licensed under a specialized program.
Rapyd, an Israeli fintech company, also opened a new office in Dubai last month to become the first Israeli company regulated by the UAE.
In addition, FxPro, a contract for difference settlement broker, recently opened a new office in Dubai as part of a move to expand its global presence.
