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2026-01-12 12:00:00
The Dubai Financial Services Authority (DFSA) has brought into force a major update to its Crypto Token Regulatory Framework, shifting responsibility for crypto token suitability assessments from the regulator to licensed companies operating in the Dubai International Financial Centre (DIFC), Dubai’s financial free economic zone.
Under the revised rules, which took effect on Monday, companies providing financial services involving crypto tokens must now determine whether tokens they engage with meet the DFSA’s suitability criteria. As part of the change, the DFSA will no longer maintain or publish a list of recognized crypto tokens.
The update follows a consultation process launched in October 2025, and reflects a shift in the regulator’s approach since introducing its crypto token regime in 2022. Since then, the DFSA said it has closely monitored developments and engaged with stakeholders to ensure the framework remains aligned with global standards.
Charlotte Robins, managing director of policy and legal at the DFSA, said the changes reflect a deliberate move toward a more flexible and principles-based model. “The DFSA’s enhancements to the Crypto Token regime reflect our progressive stance on innovation and proactive response to market developments and feedback,” Robins said.
A tougher framework for privacy tokens
The DFSA’s updated framework does not introduce an explicit ban on any specific category of digital assets by name.
However, the changes reallocate responsibility for assessing the suitability of tokens from the regulator to licensed firms operating within the DIFC.
Even without an explicit ban, privacy-focused tokens like Monero (XMR) and Zcash (ZEC) may face greater scrutiny under the DFSA’s updated framework. Some privacy tokens may be deemed higher risk by internal compliance teams, leading firms to apply stricter due diligence standards or avoid supporting them altogether.
The change also highlights a key jurisdictional distinction. The DFSA regulates financial services within DIFC, which operates under a common-law framework separate from Dubai’s onshore regulatory regime.
Other jurisdictions of Dubai and the UAE fall under different crypto regulators with their own rulebooks.
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Privacy tokens and the UAE’s fragmented approach
The DFSA’s principles-based approach contrasts sharply with the stance taken elsewhere in Dubai.
As previously reported by Cointelegraph in February 2023, Dubai’s crypto regulator, the Dubai Virtual Assets Regulatory Authority (VARA), introduced an explicit ban on privacy coins under its Virtual Assets and Related Activities Regulations 2023.
VARA’s rules prohibit the issuance of “anonymity-enhanced cryptocurrencies” and all related virtual asset activities within its jurisdiction, which covers most of Dubai outside DIFC.
Across the wider UAE, crypto regulation remains fragmented. Abu Dhabi’s regulator, the Abu Dhabi Global Market (ADGM), adopts a conservative, risk-based approach without an outright ban, while federal regulators emphasize AML and counter-terrorism financing compliance.
As a result, privacy-focused crypto assets are not uniformly illegal across the UAE, but their treatment varies significantly by jurisdiction.
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