迪拜金融服務局（DFSA）啟動“象徵性監管沙盒指南”

自2024年以來，RWA（現實世界中的資產）已成為Web3領域和傳統財務數字化領域的熱門話題。

Authors: Iris, Liu Honglin

作者：艾里斯，劉·洪林

Since 2024, RWA (Real-World Assets) has become a hot topic in the field of Web3 and traditional financial digitization. From real estate tokens, bills, supply chain finance, to bonds and fund share tokenization, more and more project parties and capital are beginning to look for channels for compliance implementation around the world.

自2024年以來，RWA（現實世界中的資產）已成為Web3領域和傳統財務數字化領域的熱門話題。從房地產代幣，賬單，供應鏈融資，到債券和資金份額令牌化，越來越多的項目政黨和資本開始尋找全球合規性實施的渠道。

On March 17, 2025, the Dubai Financial Services Authority (DFSA) released the "Tokenisation Regulatory Sandbox Guide", which for the first time clearly included tokenization in the regulatory focus and launched the Innovative Testing License (ITL) mechanism, releasing a realistic, clear and practical compliance path.

2025年3月17日，迪拜金融服務局（DFSA）發布了“ Tokenisation Conculatory Sandbox指南”，該指南首次清楚地包括在監管重點中的令牌化，並啟動了創新的測試許可證（ITL）機制，發布了一種現實，清晰和實踐的合規路。

Currently, the application window for intention is open, which is only from March 17 to April 24, 2025. Therefore, for RWA project parties planning to go overseas, this path is an important option that deserves special attention and grasp at the current stage.

目前，意圖的申請窗口是開放的，僅在2025年3月17日至4月24日。因此，對於計劃出國的RWA項目政黨，這條道路是一個重要的選擇，在當前階段值得特別關注和掌握。

What signals does the DFSA tokenization sandbox send?

DFSA令牌沙箱發送了哪些信號？

The guidance clearly states that the DFSA will include Tokenised Investments in the regulatory system and specifically distinguish tokens into:

該指南清楚地指出，DFSA將在監管系統中包括令牌化的投資，並特別區分令牌：

· Security Token

·安全令牌

· Derivative Token

·導數令牌

In this way, tokenized assets will no longer be in a regulatory gray area, and RWA projects in the Dubai market, especially the tokenization of traditional assets such as real estate, supply chain finance, bills, bonds, etc., will also have clearer compliance basis and regulatory guidance.

這樣，令牌化資產將不再處於監管灰色地區，迪拜市場的RWA項目，尤其是傳統資產的令牌化，例如房地產，供應鏈融資，賬單，債券等，也將具有更清晰的合規性基礎和法規指南。

At the same time, DFSA’s setting of sandbox application objects provides practical operating space for different types of RWA project parties. According to DFSA guidelines, the company entities that can currently apply to participate in the sandbox include:

同時，DFSA的Sandbox應用程序設置為不同類型的RWA項目派對提供了實用的操作空間。根據DFSA指南，目前可以申請參與沙箱的公司實體包括：

· Companies that issue, trade, hold or settle tokenized investments such as shares, bonds, sukuk and units in collective investment funds;

·在集體投資基金中發行，交易，持有或定居令牌投資的公司，例如股票，債券，Sukuk和單位；

· Financial institutions that already hold DFSA licenses and plan to expand tokenization business;

·已經持有DFSA許可併計劃擴大令牌化業務的金融機構；

· A firm team with a deep understanding of the applicable legal and regulatory framework.

·一支對適用的法律和監管框架有深入了解的公司團隊。

In other words, whether it is a traditional financial institution with a certain financial background that hopes to expand its tokenization business, or a startup project that is in the model exploration stage and focuses on the digitization of RWA assets, they can all apply for entry with the help of the DFSA sandbox mechanism and obtain a low-threshold compliance trial opportunity.

換句話說，是否是具有一定財務背景的傳統金融機構，希望擴大其令牌化業務，還是在模型勘探階段的初創項目，並專注於RWA資產的數字化，他們都可以在DFSA Sandbox機制的幫助下申請進入，並獲得低threshres Thershreshres的合規性試驗機會。

Especially for small and medium-sized RWA startup teams, the phased regulatory exemptions and supportive policies provided in the sandbox can help the team verify the business model at lower cost in the early stage, while clarifying the future compliance licensing path.

特別是對於中小型RWA創業團隊，沙箱中提供的分階段監管豁免和支持政策可以幫助該團隊在早期階段以較低的成本驗證業務模型，同時闡明未來的合規許可路徑。

What is more noteworthy is that the DFSA has launched an innovative testing license mechanism called ITL Tokenisation Cohort, which allows RWA project parties to enter the market in advance without fully meeting all capital requirements and risk control obligations, and to test products and models in a real environment with low thresholds, and then transition to the licensing stage.

更值得注意的是，DFSA已經推出了一種創新的測試許可證機制，稱為ITL Tokenisation Cohort，該機制使RWA項目各方能夠預先進入市場，而無需完全滿足所有資本要求和風險控制義務，並在具有較低閾值的真實環境中測試產品和模型，然後過渡到許可階段。

The overall process is divided into three stages:

總體過程分為三個階段：

1. Expression of intention stage

1。意圖階段的表達

Project parties are required to submit an expression of interest forming to indicate their plans to conduct tokenisation business in DIFC (Dubai International Financial Centre). DFSA will conduct a preliminary assessment based on background, governance, technical solutions, etc.

項目各方必須提交興趣的表達，以表明其計劃在DIFC（迪拜國際金融中心）進行令牌化業務的計劃。 DFSA將根據背景，治理，技術解決方案等進行初步評估。

2. ITL testing phase

2。ITL測試階段

After passing the initial review, the project can enjoy partial exemptions from capital, prudential obligations, and reporting requirements within a 6-12 month window period, access the real market environment at low cost, and test the business model. However, the DFSA also clearly pointed out that participating projects are still subject to continuous supervision, and the project parties must ensure that key risk points such as information disclosure, DLT system security, and custody arrangements meet regulatory requirements.

經過初步審查後，該項目可以在6-12個月的窗口期內享受部分豁免資本，保誠義務和報告要求，以低成本訪問真實的市場環境，並測試業務模型。但是，DFSA還清楚地指出，參與項目仍受到持續的監督，並且項目各方必須確保關鍵風險點（例如信息披露，DLT系統安全和監護權安排）符合監管要求。

3. License conversion stage

3.許可轉換階段

After the testing period, the project must choose to apply for a full DFSA license or to exit the business according to the exit mechanism. The FSA will strictly implement market exit for projects that fail to meet the "graduation" standards.

測試期後，項目必須選擇申請完整的DFSA許可證或根據退出機制退出業務。 FSA將嚴格實施未能符合“畢業”標準的項目的市場退出。

It should be noted that this sandbox only serves the tokenization of traditional financial assets and real-world assets. Therefore, other pure cryptocurrency projects (Crypto Tokens) and fiat stablecoins (Fiat Crypto Tokens) are not applicable.

應當指出的是，該沙箱僅適用於傳統金融資產和現實世界中資產的令牌化。因此，其他純淨的加密貨幣項目（加密代幣）和法定穩定劑（菲亞特加密代幣）不適用。

Why is the DFSA Tokenization Sandbox worth paying attention to?

為什麼DFSA代幣化沙箱值得關注？

It can be seen that although both Dubai DFSA and Hong Kong HKMA are actively promoting the clarification of tokenization supervision, the two mechanisms show significant differences in participation thresholds and applicable entities.

可以看出，儘管迪拜DFSA和香港HKMA都在積極促進令牌化監督的澄清，但兩種機制都顯示出參與閾值和適用實體的顯著差異。

For RWA entrepreneurs, the ITL sandbox mechanism launched by DFSA has several practical advantages that deserve special attention:

對於RWA企業家而言，DFSA推出的ITL沙盒機制具有幾個實用的優勢，值得特別關注：

1. Suitable for start-ups and small and medium-sized teams, flexible and independent application

1。適合初創企業和中小型團隊，靈活且獨立的應用

The overall design of Hong Kong's Ensemble Sandbox focuses on the participation of the traditional financial system, and is dominated by licensed institutions such as banks and securities firms. Startup projects often need to rely on partners to participate,

香港合奏沙盒的整體設計集中在傳統金融體系的參與上，並由銀行和證券公司等有執照的機構主導。啟動項目通常需要依靠合作夥伴參加，