DFSA sees 54% growth in licensing, registration activity in 2022

DFSA sees 54% growth in licensing, registration activity in 2022

The Dubai Financial Services Authority saw a 54 per cent growth in licensing and registration activity in 2022, it said on Tuesday. The authority also saw a 9 per cent jump in total regulated entities during the period. DFSA chairman Fadel Al Ali 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 financial jurisdictions. The results demonstrate the trust that local, regional, and international businesses have in the DFSA.” The total number of authorised firms grew by 11 per cent from 529 in 2021 to 588 in 2022. The DFSA also observed diversification in the types of firms authorised, with more innovative companies being registered through the DFSA’s money services regime and its Innovation Testing Licence (ITL) Programme. As part of the DFSA’s efforts to maintain the integrity of the DIFC and safeguard