# Dubai Financial Services Authority (DFSA): register, licences and requirements

Source page: https://protegra.io/licensing/regulators/dfsa-difc/

The DFSA is the independent financial regulator of the Dubai International Financial Centre (DIFC), an English common-law financial free zone in Dubai. It regulates and licenses banking, investment, asset management, payment services, and crypto token firms across Categories 1 through 4. As of year-end 2025, the DFSA supervises 1,050 regulated entities, including 121 authorised fund managers managing USD 176 billion in assets.

## How to check a firm on the DFSA register

Users can search the DFSA Public Register of Authorised Firms by firm name, DFSA reference number, or category of financial services. An active entry displays the firm's legal name, trading name, registered address, DFSA reference number, licence status, permitted financial services, endorsements (such as Crypto Tokens or Operating an Alternative Trading System), prudential category, and authorised individuals. [3]

- [DFSA Public Register of Authorised Firms](https://www.dfsa.ae/public-register/firms) [3]
- [DFSA Public Register of Domestic and Foreign Funds](https://www.dfsa.ae/public-register/funds) [8]

## At a glance

| Official name | Dubai Financial Services Authority (سلطة دبي للخدمات المالية) |
| --- | --- |
| Jurisdiction | [Dubai International Financial Centre (DIFC)](https://protegra.io/licensing/jurisdictions/difc/) |
| Type | Financial free-zone regulator |
| Headquarters | Dubai [1] |
| Founded | 2004 [1] |
| Website | [dfsa.ae](https://www.dfsa.ae/) [2] |
| Public register | [Official public register](https://www.dfsa.ae/public-register/firms) [3] |
| Licence types in the Atlas | 7 |

## What DFSA supervises

The DFSA is the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC). It authorises, supervises, and regulates financial institutions, markets, and ancillary service providers, and enforces international anti-money laundering and prudential standards to ensure market integrity and financial stability. [1]

- Banks, credit institutions, and deposit-takers (Category 1) [9]
- Investment dealers, market makers, and principal trading firms (Category 2) [9]
- Investment brokers, agency brokers, and alternative trading systems (Category 3A) [9]
- Custodians and trust service providers (Category 3B) [9]
- Asset managers, fund managers, and stored value operators (Category 3C) [9]
- Payment service providers, payment account operators, and payment instrument issuers (Category 3D) [9]
- Financial advisers, arrangers, money transmission agents, and crowdfunding operators (Category 4) [9]
- Crypto token service providers, ATS crypto operators, and virtual asset managers (Endorsements) [10]
- Designated Non-Financial Businesses or Professions (DNFBPs) and registered auditors [1]

## Licences DFSA issues

- [Bank · Dubai International Financial Centre (DIFC)Financial Services Permission for Accepting Deposits or Providing Credit (Category 1 Commercial Bank)](https://protegra.io/licensing/licences/bank/difc/)
- [FM · Dubai International Financial Centre (DIFC)Financial Services Permission for Managing a Collective Investment Fund (Category 3C)](https://protegra.io/licensing/licences/fund-manager/difc/)
- [IF · Dubai International Financial Centre (DIFC)Financial Services Permission for Dealing in Investments as Principal (Category 2)](https://protegra.io/licensing/licences/investment-firm/difc-cat2/)
- [IF · Dubai International Financial Centre (DIFC)Financial Services Permission for Dealing in Investments as Agent or Operating an Alternative Trading System (Category 3A)](https://protegra.io/licensing/licences/investment-firm/difc-cat3a/)
- [IF · Dubai International Financial Centre (DIFC)Financial Services Permission for Advising on Financial Products or Arranging Deals in Investments (Category 4)](https://protegra.io/licensing/licences/investment-firm/difc-cat4/)
- [MSB · Dubai International Financial Centre (DIFC)Financial Services Permission for Providing Money Services restricted to Money Transmission only (Category 4)](https://protegra.io/licensing/licences/money-transmitter/difc/)
- [VASP · Dubai International Financial Centre (DIFC)Financial Services Permission with Crypto Token Activities Endorsement](https://protegra.io/licensing/licences/vasp/difc/)

## Lesser-known services for applicants

Available

### Pre-application meeting / pre-assessment

The DFSA offers pre-application engagement for prospective applicants free of charge. Applicants can initiate contact through the DFSA Services Portal (services.dfsa.ae) under Authorisation Enquiries, submit an executive summary and draft business model, and meet with the Authorisation team to clarify regulatory perimeter, licensing categories, and submission requirements prior to formal application. [4]

Available

### Innovation hub

DIFC operates the DIFC Innovation Hub, a dedicated ecosystem providing fintech and venture startups with licensing benefits, subsidized co-working space, accelerator programs, and investor networking, in close collaboration with the DFSA on regulatory innovation. [5]

Available · statutory

### Regulatory sandbox

The DFSA operates the Innovation Testing Licence (ITL) under GEN Chapter 13, a statutory regulatory sandbox enabling firms to test innovative fintech concepts under restricted conditions for 12 to 24 months. In March 2025, the DFSA expanded this with a dedicated Tokenisation Regulatory Sandbox cohort for testing digital assets and tokenised funds. Testing firms submit an approved Test Plan and enjoy tailored regulatory relief before transitioning to a full Financial Services Permission. [6]

**Application portal:** DFSA Connect (services.dfsa.ae), launched on 13 October 2025 as the unified digital authorisation platform for electronic application submission and tracking [4]

**Fee schedule:** DFSA Rulebook Fees Module (FER) VER35/04-26 specifying application, annual supervision, transaction, and supplementary fees [7]

Compare with other regulators: [pre-application meetings](https://protegra.io/licensing/tools/pre-application/) · [sandboxes and innovation hubs](https://protegra.io/licensing/tools/sandboxes/).

## Statistics

_Current licence holders in the official register [5]_

- 1,050 regulated entities in DIFC supervised by the DFSA as of year-end 2025 (DFSA Annual Report 2025, 2026-06-25) [5]
- 182 new regulated entities licensed by the DFSA in 2025, representing 16% year-on-year growth (DFSA Annual Report 2025, 2026-06-25) [5]
- 121 authorised fund managers managing 276 funds with total DIFC fund AUM of USD 176 billion (DFSA Annual Report 2025, 2026-06-25) [5]
- USD 251 billion in banking sector balance sheet assets and USD 103.8 billion in private banking assets under advisory (DFSA Annual Report 2025, 2026-06-25) [5]
- 96 expressions of interest received for the Tokenisation Regulatory Sandbox cohort launched in March 2025 (DFSA Annual Report 2025, 2026-06-25) [5]

## Fees and timelines

| Licence | Fee | Amount |
| --- | --- | --- |
| Financial Services Permission for Providing Money Services (Category 3D) | application | USD 15,000 [7] |
| Financial Services Permission for Providing Money Services (Category 3D) | annual | USD 15,000 [7] |
| [Financial Services Permission for Providing Money Services restricted to Money Transmission only (Category 4)](https://protegra.io/licensing/licences/money-transmitter/difc/) | application | USD 10,000 [7] |
| [Financial Services Permission for Providing Money Services restricted to Money Transmission only (Category 4)](https://protegra.io/licensing/licences/money-transmitter/difc/) | annual | USD 10,000 [7] |
| [Financial Services Permission with Crypto Token Activities Endorsement](https://protegra.io/licensing/licences/vasp/difc/) | application | USD 10,000 [7] |
| [Financial Services Permission with Crypto Token Activities Endorsement](https://protegra.io/licensing/licences/vasp/difc/) | annual | USD 35,000 [7] |
| [Financial Services Permission for Managing a Collective Investment Fund (Category 3C)](https://protegra.io/licensing/licences/fund-manager/difc/) | application | USD 10,000 [7] |
| [Financial Services Permission for Managing a Collective Investment Fund (Category 3C)](https://protegra.io/licensing/licences/fund-manager/difc/) | annual | USD 10,000 [7] |
| [Financial Services Permission for Dealing in Investments as Principal (Category 2)](https://protegra.io/licensing/licences/investment-firm/difc-cat2/) | application | USD 40,000 [7] |
| [Financial Services Permission for Dealing in Investments as Principal (Category 2)](https://protegra.io/licensing/licences/investment-firm/difc-cat2/) | annual | USD 50,000 [7] |
| [Financial Services Permission for Dealing in Investments as Agent or Operating an Alternative Trading System (Category 3A)](https://protegra.io/licensing/licences/investment-firm/difc-cat3a/) | application | USD 25,000 [7] |
| [Financial Services Permission for Dealing in Investments as Agent or Operating an Alternative Trading System (Category 3A)](https://protegra.io/licensing/licences/investment-firm/difc-cat3a/) | annual | USD 25,000 [7] |
| [Financial Services Permission for Advising on Financial Products or Arranging Deals in Investments (Category 4)](https://protegra.io/licensing/licences/investment-firm/difc-cat4/) | application | USD 15,000 [7] |
| [Financial Services Permission for Advising on Financial Products or Arranging Deals in Investments (Category 4)](https://protegra.io/licensing/licences/investment-firm/difc-cat4/) | annual | USD 15,000 [7] |
| [Financial Services Permission for Accepting Deposits or Providing Credit (Category 1 Commercial Bank)](https://protegra.io/licensing/licences/bank/difc/) | application | USD 70,000 [7] |
| [Financial Services Permission for Accepting Deposits or Providing Credit (Category 1 Commercial Bank)](https://protegra.io/licensing/licences/bank/difc/) | annual | USD 100,000 [7] |

| Licence | Statutory deadline | Observed |
| --- | --- | --- |
| Financial Services Permission for Providing Money Services (Category 3D) | No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay [1] | not published |
| [Financial Services Permission for Providing Money Services restricted to Money Transmission only (Category 4)](https://protegra.io/licensing/licences/money-transmitter/difc/) | No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay [1] | not published |
| [Financial Services Permission with Crypto Token Activities Endorsement](https://protegra.io/licensing/licences/vasp/difc/) | No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay [1] | not published |
| [Financial Services Permission for Managing a Collective Investment Fund (Category 3C)](https://protegra.io/licensing/licences/fund-manager/difc/) | No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay [1] | not published |
| [Financial Services Permission for Dealing in Investments as Principal (Category 2)](https://protegra.io/licensing/licences/investment-firm/difc-cat2/) | No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay [1] | not published |
| [Financial Services Permission for Dealing in Investments as Agent or Operating an Alternative Trading System (Category 3A)](https://protegra.io/licensing/licences/investment-firm/difc-cat3a/) | No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay [1] | not published |
| [Financial Services Permission for Advising on Financial Products or Arranging Deals in Investments (Category 4)](https://protegra.io/licensing/licences/investment-firm/difc-cat4/) | No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay [1] | not published |
| [Financial Services Permission for Accepting Deposits or Providing Credit (Category 1 Commercial Bank)](https://protegra.io/licensing/licences/bank/difc/) | No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay [1] | not published |

## Changing the owner of a licensed firm

**Prior approval required.** Under Regulatory Law 2004 Article 59 and DFSA Rulebook General Module (GEN) Section 11.8, prior written approval from the DFSA is required before any person becomes a Controller, or increases their holding across 30% or 50% thresholds. A Controller is defined as someone holding 10% or more of shares or voting rights, or exercising significant influence over management. Under GEN 11.8.6, the DFSA must determine an application for approval of a change of control within 90 days of receipt of a duly completed application. [6]

Buying a company that already holds one of these licences is often faster than applying. See [ready-made licensed companies](https://protegra.io/companies/) · [investment brokerage](https://protegra.io/companies/investment-brokerage/) · [crypto digital assets](https://protegra.io/companies/crypto-digital-assets/).

## Laws DFSA applies

- [Regulatory Law 2004](https://protegra.io/licensing/laws/ae-difc-regulatory-law-2004/): DIFC Law No. 1 of 2004

## Recent and upcoming changes

- 2026-01-12: The DFSA implemented a landmark overhaul of its Crypto Token regulatory framework, eliminating the DFSA-managed crypto token whitelist and transitioning to a firm-led suitability assessment model with enhanced investor disclosure and risk management duties. [10]
- 2026-06-25: DFSA published its 2025 Annual Report showing a record 1,050 total regulated entities, 182 new licenses granted (16% YoY increase), and fund AUM reaching USD 176 billion. [5]
- 2025-10-13: DFSA launched DFSA Connect, an end-to-end digital authorisation platform streamlining regulatory approvals and onboarding for regulated entities and individuals. [4]

## Contacts and public register

Address: Level 13, The Gate, West Wing, Dubai International Financial Centre, PO Box 75850, Dubai, United Arab Emirates [1]
Website: [dfsa.ae](https://www.dfsa.ae/) [2]

Check whether a firm is licensed: [official register](https://www.dfsa.ae/public-register/firms) [3] · [official register](https://www.dfsa.ae/public-register/funds) [8].

## Frequently asked questions

### What is the difference between DFSA, FSRA ADGM, and VARA?

The DFSA regulates all financial and ancillary services within Dubai's DIFC free zone under English common law. FSRA regulates the Abu Dhabi Global Market (ADGM) free zone. VARA (Virtual Assets Regulatory Authority) regulates virtual assets exclusively across onshore Dubai and Dubai commercial free zones, but has no jurisdiction within DIFC, where DFSA retains exclusive financial regulatory authority.

### What are the prudential licence categories under DFSA rules?

Under the DFSA PIB module, firms are classified into Categories 1 to 4 based on activity risk. Category 1 covers deposit-taking commercial banks ($10M base capital); Category 2 covers principal trading ($2M); Category 3 is subdivided into 3A (agency dealers, $500k), 3B (custodians, $200k), 3C (asset managers, $500k), and 3D (money services/payments, $200k); Category 4 covers advisory and arranging ($10k).

### How did the DFSA overhaul its crypto token framework in 2026?

On 12 January 2026, the DFSA abolished its previous regulatory whitelist of 'Recognised Crypto Tokens'. Regulated firms can now assess token suitability independently under a firm-led governance model, subject to enhanced transparency, client suitability checks, and operational resilience standards, significantly expanding crypto market access within DIFC.

### Does DFSA provide a fintech sandbox or testing licence?

Yes. The DFSA offers the Innovation Testing Licence (ITL) under GEN Chapter 13, allowing fintech startups to test novel financial technologies and business models for 12 to 24 months with tailored regulatory relief. In March 2025, the DFSA also launched a dedicated Tokenisation Regulatory Sandbox cohort specifically for tokenised securities and funds.

### What is the DFSA Connect portal and how long does licensing take?

DFSA Connect is the DFSA's digital authorisation portal, launched in October 2025, through which applications are filed. The Regulatory Law sets no fixed period for deciding a licence application; it requires the DFSA to notify its decision without undue delay. A change of control is assessed within a 90-day statutory limit.

## Sources

1. [dfsaen.thomsonreuters.com: regulatory law 1](https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1): retrieved 2026-09-24
2. [dfsa.ae](https://www.dfsa.ae/): retrieved 2026-09-24
3. [dfsa.ae: firms](https://www.dfsa.ae/public-register/firms): retrieved 2026-09-24
4. [dfsaen.thomsonreuters.com: 13 october 2025 dfsa connect new digital services streamline](https://dfsaen.thomsonreuters.com/rulebook/13-october-2025-dfsa-connect-new-digital-services-streamline-regulatory-approvals): retrieved 2026-09-24
5. [dfsaen.thomsonreuters.com: 25 june 2026 dfsa annual report 2025 dfsa records third cons](https://dfsaen.thomsonreuters.com/rulebook/25-june-2026-dfsa-annual-report-2025-dfsa-records-third-consecutive-year-double-digit): retrieved 2026-09-24
6. [dfsaen.thomsonreuters.com: general module gen ver7207 26](https://dfsaen.thomsonreuters.com/rulebook/general-module-gen-ver7207-26): retrieved 2026-09-24
7. [dfsaen.thomsonreuters.com: fees module fer ver3504 26](https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26): retrieved 2026-09-24
8. [dfsa.ae: funds](https://www.dfsa.ae/public-register/funds): retrieved 2026-09-24
9. [dfsaen.thomsonreuters.com: prudential investment insurance intermediation and banking m](https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26): retrieved 2026-09-24
10. [dfsaen.thomsonreuters.com: 12 january 2026 dfsa implements major updates crypto token r](https://dfsaen.thomsonreuters.com/rulebook/12-january-2026-dfsa-implements-major-updates-crypto-token-regulatory-framework-enhancing): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.