The Dubai Financial Services Authority issued updated rules for the regulation of Crypto Tokens in the Dubai International Financial Centre, with the amendments taking effect on 12 January 2026. The framework makes firms providing financial services involving Crypto Tokens directly responsible for determining, on a reasoned and documented basis, whether each token they engage with meets the DFSA’s suitability criteria, and the DFSA will no longer prescribe a list of Recognised Crypto Tokens. The DFSA also published supervisory guidelines on assessing suitability under GEN Rule 3A.2.1, covering how firms should consider factors including token purpose and governance, traceability of on-chain activity (including Travel Rule considerations), transparency of documentation and token supply, holder concentration, regulatory status and enforcement history in other jurisdictions, global market size and liquidity, technology resilience and incident response, and whether token features could prevent compliance with DFSA laws and rules. A separate policy statement sets out the DFSA’s approach to assessing “Fiat Crypto Tokens”, including expectations on price stability relative to the reference fiat currency and reserve arrangements (including full backing at least equal to tokens in circulation, daily valuation, segregation with regulated banks or custodians in jurisdictions with equivalent regulation and AML standards aligned to the FATF Recommendations) and monthly reserve disclosures verified by an independent third party; the annex lists Circle Euro Coin (EURC), Circle USD Coin (USDC) and Ripple USD (RLUSD) as assessed suitable.

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