DFSA Switches ITL Application from Cohort to Open Window Format

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Local and international organizations can now apply for the Dubai International Financial Center (DIFC) Innovation Testing License (ITL) Program, a special economic zone in Dubai.

The Dubai Financial Services Authority (DFSA), the independent regulator of financial services performed in or by the DIFC, announced on Friday that it moved away from the cohort-based candidacy for the ITL.

As of this Friday, the regulator has said it will start accepting requests from interested companies.

The ITL, which was launched in 2017 by the DFSA, is an approved regulatory sandbox that enables approved firms to test new and innovative financial products, services and business models in and by the DIFC.

Regulatory Sandbox

Since its launch, the program has hosted 67 companies out of the 130 candidates who have applied to join the program.

“Starting this month, the DFSA will move to an open window format where interested companies can apply as soon as they are ready to test their product,” DFSA said in a statement on its website.

The independent regulator noted that companies that want to participate in the regulatory sandbox need to give a clear explanation of their planned business model and the proposed innovative product or service.

Justin Baldacchino, Managing Director of Supervision at DFSA, noted that the change in format attests to the regulator’s commitment to supporting innovation in the economic zone.

In addition, DFSA is looking to pave the way for the future of funding in DIFC, Baldacchino said.

Baldacchino explained, “Innovation is necessary to enable companies to grow growth and discover new opportunities with an ever-changing consumer landscape.

“The ITL program sits at the forefront of DFSA’s innovative agenda and serves as a platform to test new models that have the potential to emerge as successful businesses contributing to the financial service within the DIFC and Dubai.”

Dubai: Business Center

Dubai, the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, is a popular tourist and commercial destination.

Crypto trading platform, OKX, on Thursday confirmed that the company has received a temporary license of virtual assets from the Dubai Virtual Assets Regulatory Authority (VARA) to facilitate trading for qualified investors through an approved list of products and services.

Crypto.com’s main cryptocurrency exchange, Crypto.com, also announced last month that it has received interim approval for its VARA Virtual Asset MVP License.

Crypto.com said the exchange will be issued a license under the special program as soon as all required requirements are met.

An Israeli end-technology company, Rapyd, last month also opened a new office in Dubai to become the first Israeli company regulated in the UAE.

Additionally, FxPro, a contract for difference broker, has also recently opened a new office in Dubai as part of moves to expand its global presence.

Local and international organizations can now apply for the Dubai International Financial Center (DIFC) Innovation Testing License (ITL) Program, a special economic zone in Dubai.

The Dubai Financial Services Authority (DFSA), the independent regulator of financial services performed in or by the DIFC, announced on Friday that it moved away from the cohort-based candidacy for the ITL.

As of this Friday, the regulator has said it will start accepting requests from interested companies.

The ITL, which was launched in 2017 by the DFSA, is an approved regulatory sandbox that enables approved firms to test new and innovative financial products, services and business models in and by the DIFC.

Regulatory Sandbox

Since its launch, the program has hosted 67 companies out of the 130 candidates who have applied to join the program.

“Starting this month, the DFSA will move to an open window format where interested companies can apply as soon as they are ready to test their product,” DFSA said in a statement on its website.

The independent regulator noted that companies that want to participate in the regulatory sandbox need to give a clear explanation of their planned business model and the proposed innovative product or service.

Justin Baldacchino, Managing Director of Supervision at DFSA, noted that the change in format attests to the regulator’s commitment to supporting innovation in the economic zone.

In addition, DFSA is looking to pave the way for the future of funding in DIFC, Baldacchino said.

Baldacchino explained, “Innovation is necessary to enable companies to grow growth and discover new opportunities with an ever-changing consumer landscape.

“The ITL program sits at the forefront of DFSA’s innovative agenda and serves as a platform to test new models that have the potential to emerge as successful businesses contributing to the financial service within the DIFC and Dubai.”

Dubai: Business Center

Dubai, the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, is a popular tourist and commercial destination.

Crypto trading platform, OKX, on Thursday confirmed that the company has received a temporary license of virtual assets from the Dubai Virtual Assets Regulatory Authority (VARA) to facilitate trading for qualified investors through an approved list of products and services.

Crypto.com’s main cryptocurrency exchange, Crypto.com, also announced last month that it has received interim approval for its VARA Virtual Asset MVP License.

Crypto.com said the exchange will be issued a license under the special program as soon as all required requirements are met.

An Israeli end-technology company, Rapyd, last month also opened a new office in Dubai to become the first Israeli company regulated in the UAE.

Additionally, FxPro, a contract for difference broker, has also recently opened a new office in Dubai as part of moves to expand its global presence.

Source

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