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08 Mar 2022, 10:51 am | Unauthorised firm

DFSA provides clarification on licensing of firms

The Dubai Financial Services Authority (DFSA) wishes to clarify the regulatory status of several companies to avoid possible confusion between regulated and non-regulated firms.

Recent media coverage has suggested that the companies listed below are permitted to offer financial services in the UAE, including in the DIFC. However, these companies do not hold a DFSA licence and so are not permitted to provide financial services in or from the DIFC.

The firms are:
• CoinMENA; and
• Rain.

Firms that are authorised by the DFSA are subject to financial services rules and regulations. These rules and regulations are designed to protect consumers when they interact with an Authorised Firm to obtain a financial product or financial service.

Only firms authorised by the DFSA can provide financial services in or from the DIFC, subject to the rules mentioned above. If you are unsure of the regulatory status of a firm, please check the DFSA’s PUBLIC REGISTER before entering into any financial services activity with that company. The DFSA also publishes consumer alerts on scams and companies falsely claiming to be an Authorised Firm on its ALERTS page.

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