迪拜金融服务局（DFSA）启动“象征性监管沙盒指南”

自2024年以来，RWA（现实世界中的资产）已成为Web3领域和传统财务数字化领域的热门话题。

Authors: Iris, Liu Honglin

作者：艾里斯，刘·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年以来，RWA（现实世界中的资产）已成为Web3领域和传统财务数字化领域的热门话题。从房地产代币，账单，供应链融资，到债券和资金份额令牌化，越来越多的项目政党和资本开始寻找全球合规性实施的渠道。

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，迪拜金融服务局（DFSA）发布了“ Tokenisation Conculatory Sandbox指南”，该指南首次清楚地包括在监管重点中的令牌化，并启动了创新的测试许可证（ITL）机制，发布了一种现实，清晰和实践的合规路。

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，意图的申请窗口是开放的，仅在2025年3月17日至4月24日。因此，对于计划出国的RWA项目政党，这条道路是一个重要的选择，在当前阶段值得特别关注和掌握。

What signals does the DFSA tokenization sandbox send?

DFSA令牌沙箱发送了哪些信号？

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

该指南清楚地指出，DFSA将在监管系统中包括令牌化的投资，并特别区分令牌：

· Security Token

·安全令牌

· Derivative Token

·导数令牌

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.

这样，令牌化资产将不再处于监管灰色地区，迪拜市场的RWA项目，尤其是传统资产的令牌化，例如房地产，供应链融资，账单，债券等，也将具有更清晰的合规性基础和法规指南。

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:

同时，DFSA的Sandbox应用程序设置为不同类型的RWA项目派对提供了实用的操作空间。根据DFSA指南，目前可以申请参与沙箱的公司实体包括：

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

·在集体投资基金中发行，交易，持有或定居令牌投资的公司，例如股票，债券，Sukuk和单位；

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

·已经持有DFSA许可并计划扩大令牌化业务的金融机构；

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

·一支对适用的法律和监管框架有深入了解的公司团队。

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.

换句话说，是否是具有一定财务背景的传统金融机构，希望扩大其令牌化业务，还是在模型勘探阶段的初创项目，并专注于RWA资产的数字化，他们都可以在DFSA Sandbox机制的帮助下申请进入，并获得低threshres Thershreshres的合规性试验机会。

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.

特别是对于中小型RWA创业团队，沙箱中提供的分阶段监管豁免和支持政策可以帮助该团队在早期阶段以较低的成本验证业务模型，同时阐明未来的合规许可路径。

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已经推出了一种创新的测试许可证机制，称为ITL Tokenisation Cohort，该机制使RWA项目各方能够预先进入市场，而无需完全满足所有资本要求和风险控制义务，并在具有较低阈值的真实环境中测试产品和模型，然后过渡到许可阶段。

The overall process is divided into three stages:

总体过程分为三个阶段：

1. Expression of intention stage

1。意图阶段的表达

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.

项目各方必须提交兴趣的表达，以表明其计划在DIFC（迪拜国际金融中心）进行令牌化业务的计划。 DFSA将根据背景，治理，技术解决方案等进行初步评估。

2. ITL testing phase

2。ITL测试阶段

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.

经过初步审查后，该项目可以在6-12个月的窗口期内享受部分豁免资本，保诚义务和报告要求，以低成本访问真实的市场环境，并测试业务模型。但是，DFSA还清楚地指出，参与项目仍受到持续的监督，并且项目各方必须确保关键风险点（例如信息披露，DLT系统安全和监护权安排）符合监管要求。

3. License conversion stage

3.许可转换阶段

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.

测试期后，项目必须选择申请完整的DFSA许可证或根据退出机制退出业务。 FSA将严格实施未能符合“毕业”标准的项目的市场退出。

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.

应当指出的是，该沙箱仅适用于传统金融资产和现实世界中资产的令牌化。因此，其他纯净的加密货币项目（加密代币）和法定稳定剂（菲亚特加密代币）不适用。

Why is the DFSA Tokenization Sandbox worth paying attention to?

为什么DFSA代币化沙箱值得关注？

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，尽管迪拜DFSA和香港HKMA都在积极促进令牌化监督的澄清，但两种机制都显示出参与阈值和适用实体的显着差异。

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

对于RWA企业家而言，DFSA推出的ITL沙盒机制具有几个实用的优势，值得特别关注：

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

1。适合初创企业和中小型团队，灵活且独立的应用

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,

香港合奏沙盒的整体设计集中在传统金融体系的参与上，并由银行和证券公司等有执照的机构主导。启动项目通常需要依靠合作伙伴参加，