[President of Dubai Financial Services Authority: Formulate two digital asset systems and create innovative testing licenses]

In an exclusive interview with Hong Kong Wen Wei Po, Ian Johnston, President of Dubai Financial Services Authority (DFSA), said that the key basic elements to support innovation are to create an innovative culture and have a clear strategic vision. In addition to formulating relevant development policies and establishing innovation centers and accelerators, Dubai has also tailored a comprehensive digital asset regulatory system to balance innovation and effective supervision. Ian Johnston pointed out that the Dubai Financial Services Authority has tailored two comprehensive digital asset systems for the Dubai International Financial Center (DIFC): one was established in 2021 for investment tokens (tokenized assets); the other was established in 2022 for crypto tokens (cryptocurrencies and stablecoins). These systems clarify regulatory expectations and provide certainty for market participants. This clarity and certainty give market participants confidence in providing virtual asset products and services. The Dubai Financial Services Authority has created an Innovation Testing Licence (Regulatory Sandbox) and a customized innovation and technology risk supervision team, which has expertise in supervising technology-enabled financial products and services.

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