DFSA continues to bolster regulatory environment to support Dubai and UAE economic growth
- Date: 10-Jan-2023
- Source: Zawya
- Sector:Financial Services
- Country:UAE
DFSA continues to bolster regulatory environment to support Dubai and UAE economic growth
- Total number of Authorised Firms (AFs) grew from 529 in 2021 to 588 in 2022, up by 11% per cent; regulated entities increased by 9% from 655 to 713
- 10 enforcement actions were undertaken, and 15 scam alerts issued
Dubai, UAE: Fadel Al Ali, Chairman of The Dubai Financial Services Authority (DFSA), today announced that the DFSA continues to play a pivotal role in establishing and maintaining the Dubai International Financial Centre’s (DIFC) reputation as a leading global financial centre and supporting the increasing recognition of Dubai and the UAE as a beacon of economic opportunity.
The DFSA recorded a 54% growth in licensing and registration activity with a corresponding 9% year-on-year increase in total regulated entities in 2022.
Fadel Al Ali, Chairman of the DFSA said, “In 2022, we continued to focus on ensuring a robust and resilient financial sector. In line with UAE government initiatives, we have worked to create an enabling environment for the digital economy and have introduced a new regulatory framework for crypto tokens to further facilitate the future of finance in the DIFC. We set high standards in building a clear and flexible regulatory framework, based on the best practices and laws of the world's leading