DFSA Consults on Token Definitions, Credit-Rating Rules and Reporting Changes

The Dubai Financial Services Authority (DFSA) has opened a public consultation on proposed amendments to its rulebook that could materially affect firms operating in or from the Dubai International Financial Centre (DIFC), including digital-currency providers. The proposals focus on clarifying regulatory treatment of certain crypto and investment tokens, revising rules for credit rating agencies (CRAs), and updating regulatory-reporting requirements. The consultation is open until 24 August 2026.

For digital-asset businesses, the proposed changes seek to provide greater certainty over the classification of fiat crypto tokens. The DFSA also proposes a more targeted regulatory approach to privacy tokens and privacy devices. In addition, it plans to simplify the definition of an investment token so that it can accommodate developing tokenisation models, including structures that combine on-chain and off-chain elements.

The consultation forms part of the DFSA’s review of miscellaneous regulatory requirements under its rulebook. The authority is asking market participants for feedback on the proposed amendments and their anticipated effect on firms conducting business in the DIFC. The article identifies three principal areas of reform: digital-token definitions, the CRA regime, and regulatory reporting obligations.

For CRAs, proposed amendments to the DFSA Conduct of Business module would narrow restrictions associated with conflicts of interest. Under the described approach, credit-rating employees would be prohibited from participating in decisions only where they have a relationship with a person employed by the rating subject or a related party that could reasonably be perceived as creating a conflict. The proposal would therefore reduce broader existing restrictions on employee participation.

The DFSA also proposes to limit disclosure requirements concerning fees and charges and credit-rating methodologies where those requirements are considered broader than necessary or inconsistent with international standards. The article specifically references standards issued by the International Organization of Securities Commissions (IOSCO). Firms and other stakeholders may submit consultation feedback before the 24 August 2026 deadline.