Category: 3. Business

Immunohistochemical analysis was performed as described previously (Hori et al., 2019; Kubo et al., 2021). In brief, the retina used for MEA recordings and isolated mice eyes was fixed with 4% PFA in PBS for 30 min at room temperature. After three-time washes, retinas were cryoprotected by 30% sucrose in PBS overnight, embedded in an OCT compound (Sakura, Japan), frozen on dry ice, and sectioned at 20  μm of thickness. Whole-mount immunostaining was performed as previously described with some modifications (Ueno et al., 2018). The retinas were gently peeled off from the sclera, fixed with 4% PFA in PBS for 30 min at room temperature, and washed three times. Retinal sections and whole retinas were soaked in blocking buffer (5% NDS, 0.1% Triton X-100, in 1x PBS) for 1–2 hr at room temperature and incubated with primary antibodies in blocking buffer 1 or 2 overnight at 4°C. The sections were washed with PBS three times and incubated with fluorescent dye-conjugated secondary antibodies and DAPI (1:1000) for more than 2 hr at room temperature or overnight at 4°C under the light-shielded condition. The specimens were observed using a laser confocal microscope (LSM900; Carl Zeiss, Germany). For BrdU staining, mice were given an intraperitoneal injection of 20 mg/kg BrdU and sacrificed 2 hr later. Retinal sections were then pretreated with 2 N HCl at 37°C for 30 min before blocking. The antibodies and dilution ratios were as follows: anti-l-afadin (ab90809, Abcam, UK, 1:100), anti-nectin1 (D146-3, MBL, Japan, 1:100), anti-nectin2 (D083-3, MBL, Japan, 1:100), anti-nectin3 (D084-3, MBL, Japan, 1:100), anti-PKCα (P5704, Sigma, USA, 1:1000, P4334, Sigma, 1:10,000), anti-SCGN (AF4878, R&D systems, USA, 1:2000), anti-Arr3 (AB15282, Millipore, USA, 1:1000), anti-Calbindin (PC253L-100, Millipore, USA, 1:200), anti-ChAT (AB144P, Millipore, USA, 1:50), anti-Bassoon (SAP7F407, Enzo, USA, 1:1000), anti-mGluR6 (current study, 1:3000), anti-PSD95 (#124 014, Synaptic Systems, Germany, 1:3000), anti-GluR5 (Grik1, gift from Steve H DeVries, 1:2000), anti-PKARIIβ (#610625, BD biosciences, USA, 1:500), anti-Calretinin (PC235L-100UCN, Millipore, USA, 1:5000), anti-EAAT5 (HPA049124, Sigma, USA, 1:100), anti-vGlut1 (AB5905, Millipore, USA, 1:6000), anti-HPC-1 (S0664, Sigma, USA, 1:10000), anti-active caspase3 (AF835, R&D Systems, USA, 1:300), anti-Chx10 (Hori et al., 2019, 1:100), anti-Otx2 (AF1979, R&D systems, USA, 1:200), anti-Glutamine synthetase (GS, MAB302, Millipore, USA, 1:500), anti-CD31 (#557355, BD Biosciences, USA, 1:100), anti-Lhx2 (sc-19344, Santa Cruz Biotechnology, USA, 1:100), anti-RBPMS (GTX118619, GeneTex, USA, 1:500), anti-Ki67 (#556003, BD Biosciences, USA, 1:100), anti-Tuj1 (#801201, BioLgend, USA, 1:500), anti-AP2α (3B5-c, DSHB, USA, 1:1000), anti-Rom1 (gift from Robert Moldey, 1:10), anti-Rhodopsin (STJ95452, ST John’s Laboratory, UK, 1:100), anti-S-opsin (sc-14363, Santa Cruz Biotechnology, USA, 1:500), anti-M-opsin (AB5405, Sigma, USA, 1:500), anti-GFP (GFP-1010, Aves labs, USA, 1:1000), anti-β-catenin (#610153, BD Biosciences, USA, 1:1000), anti-N-cadherin (#610920, BD Transduction Laboratories, USA, 1:500), anti-BrdU (#347580, BD Biosciences, USA, 1:100), and anti-phospho-histone H3S10 (#06–570, Millipore, USA, 1:2000) antibodies.

Since July this year I have had the privilege to occupy the position of Interim Executive Director for Martyn’s Law in the SIA. As I prepare to hand over to the new substantive Director in January, I wanted to take the opportunity to reflect on the last 6 months.

Almost as soon as the critical foundation work on the development of the regulatory blueprint had finished, the SIA, working closely with colleagues in the Home Office, moved into the mobilisation phase of the programme, with the key objective of ensuring that the regulation of Martyn’s Law is highly effective and delivers a positive impact on public safety.   

During this period, I have led an experienced team comprising technical expertise and those with extensive experience in regulation and the development of regulatory models. This has included secondments from well-established, respected UK regulatory bodies who have led on the development of the inspections and assessment pilot workstream and the evolution of the Risk Assessment Framework.

We have worked in tandem with colleagues from the Homeland Security Group to manage the critical interdependencies between policy, regulations, and the operational elements of the regulatory model. The quality of this work has been further enhanced by the considerable contribution made from our protective security partners. Their willingness to assist has never wavered and I am very grateful for their continued support.

There is no doubt this has been an intensive, fast-paced period which has seen extensive progress made across 6 major projects and 33 workstreams. Whilst recruitment has been ongoing to fill senior posts within the regulator, myself and the team have pressed on to ensure that the development of the Target Operating Model, the Standard Operating Procedures for the regulatory functions, the role requirements for the new posts, the development of the competency based training programme, and the recruitment strategy to bring in talent at the earliest juncture has continued unhindered.

I recognise the significant value in engaging with the regulated community and other key stakeholders and to that end we have worked closely with the Homeland Security Group to deliver over 20 webinars covering 10 sectors and reaching nearly 6,000 individuals in scope of the Private Security Industry Act. Sectors have included but have not been limited to: retail, hospitality, nighttime economy, visitor attractions, local authorities, healthcare, and education.

Regular event attendance has included thousands more individuals reached through trade association conferences, the International Security Expo and National Association of Healthcare Security Conference and the Institute of Licensing Conference. Our joint presence has been welcomed by stakeholders, and we continue to maximise opportunities to target those in scope via our networks.

In the coming months we will continue our work to advise, support, and assist those in the regulated community. The scope of our engagement will widen to include other regulatory bodies and enforcement agencies operating in the same landscape such as local authorities, fire services, the Sports Ground Safety Authority, and policing. Whilst the regulatory focus under Martyn’s Law is narrow, we are mindful of the need to avoid excessive regulation, and we will explore where common outcomes can be achieved with those bodies in respect of public safety.

As my period as Interim Director now closes, I reflect back with pride and admiration for the commitment and dedication demonstrated daily by everyone I have worked with, shared platforms with, and endured long meetings and workshops with to ensure that we drive forward all the critical work necessary to deliver on our objective.  I have rarely experienced such passion and desire to succeed which I believe is a reflection of how important Martyn’s Law is in contributing significantly to improvements in public safety and reducing the impact of terrorism.

NEW YORK — It’s shoppers like Quinn Kelsey who keep department store executives up at night.

The 38-year-old Denver resident gets makeup ideas from TikTok videos and other social media content, not salespeople at beauty counters. She uses an AI chatbot to get product recommendations that fit her budget and to see how a certain foundation or lipstick would look on her. When she buys, it’s usually from Amazon.

“I use Chat GPT as my personal beauty consultant,” Kelsey said. “Department stores? I’ll walk through one for the decor, but they’ve basically lost me unless I can get the same product-research experience there that I can get scrolling through my phone at home.”

Once the ultimate beauty destination, department stores lost sales and their authority as skincare and makeup trendsetters starting in the late 1990s. That was when the growth of Sephora and Ulta Beauty made shopping for cosmetics more of a playful, self-service experience.

But fast-changing consumer preferences have all types of retailers racing to outdo each other for a slice of the $129 billion U.S. beauty and personal care market. The competition is fiercer than ever due to the ease of e-commerce. Amazon, which has slowly added premium beauty brands to its massive selection, is the nation’s largest online seller of beauty and personal care products, according to market research company Euromonitor International.

Social media also has provided new sources of beauty guidance. Instead of store advisers, many consumers look to videos by influencers, beauty brand founders or dermatologists for advice. Shoppers also turn to TikTok and Instagram for information about “dupes” — drugstore versions of more expensive products.

“Stores are more of the showroom, but the spark itself is happening in TikTok,” Jake Bjorseth, founder of the Generation Z advertising agency Trndsttrs, said.

To keep up, companies with both physical and online stores are investing in upgrades that are meant to give beauty fans like Kelsey an experience they can’t get anywhere else. Macy’s and Nordstrom, for example, renovated the beauty floors of their flagship New York stores to add more space, ultra-luxury brands and cutting-edge technology. At Nordstrom, customers can book an appointment to get robot-applied eyelash extensions for $170.

The makeovers were launched in time for the holiday shopping season, which accounts for about one-quarter of all U.S. “prestige” beauty sales, according to market research firm Circana.

Department stores chasing beauty sales are introducing some of the serve-yourself features of Sephora — Nordstrom put in a “beauty bar” with brightly lit mirrors where customers are allowed to take makeup from different counters — while trying to distinguish themselves from specialty and online rivals.

Executives from Macy’s and Nordstrom said the latest changes were designed to create an engaging atmosphere that encourages shoppers to stay longer and spend more. The overhaul at Macy’s Herald Square included comfortable seating and skin analysis devices that help make the case for lotions and potions costing hundreds of dollars.

In the Parfums de Marly section, customers sample scents while wearing a virtual reality headset meant to immerse them in an 18th century chateau the French fragrance maker cites as its inspiration.

“This is the future of beauty,” Nicolette Bosco, Macy’s vice president of beauty, said, referring to the interactive technology the department store considers central to offering shoppers an elevated experience.

The company expects to redesign the beauty departments of 40 more stores. The facelifts are intended to draw shoppers of all ages, Macy’s Inc. CEO Tony Spring said.

“We’re trying very hard to take the idea of a department store and make it intimate and friendly and convenient,” he said.

Since becoming chief executive of the department store’s parent company last year, Spring has focused on reviving Macy’s by trying to attract the higher-spending customers who power sales at Bloomingdale’s and upscale beauty retailer Bluemercury, both of which Macy’s owns.

Nordstrom unwrapped the reimagined beauty floor of its midtown Manhattan store in September. It includes an area where shoppers can test beauty tools like LED light therapy masks and a “fragrance finder” machine that provide a dry whiff of up to 60 different scents.

Nordstrom also expanded the beauty treatments area at the New York flagship and a few other stores to include a medical spa that provides Botox and dermal filler injections that cost $575 to $1,050.

Sephora redefined beauty buying by installing mirrors and disposable application tools near compact displays of both tester products and ready-to-grab goods. The DIY concept was a major contrast from department store counters staffed by beauty advisers who oversaw product sampling and retrieved fresh products from locked drawers.

But even innovators have to renovate. Sephora, a division of French luxury goods conglomerate LVMH, is in the process of updating its 720 stores in the U.S. and Canada.

The stations where customers get their hair and makeup done are getting moved to the side for more privacy. The chain, known for its long cash register lines, plans to expedite check-outs by equipping salespeople with devices that accept card and contactless payments.

Ulta, which stocks drugstore beauty brands like Maybelline as well as high-end brands, has had in-store hair salons since its founding in 1990. It’s adding ear piercing, testing robotic manicures and plans to add robotic lash extensions like Nordstrom’s to its service menu next year.

Walmart has moved into the turf of specialty retailers and department stores with products from higher-end and independent brands. The nation’s largest retailer put beauty counters this year in 100 stores where customers can try products.

After working at a fashion event at Nordstrom’s Manhattan flagship, Ivan Leon, a 35-year-old freelance stylist, headed to the Tom Ford fragrance counter. He walked away an hour later having spent $537 on two bottles of perfume: a unisex scent named Bitter Peach and another named Vanilla Sex.

Leon planned to wear them together, a practice known as “fragrance layering” that he heard about on social media. The Nordstrom salesperson caught his interest by suggesting Tom Ford scents could be applied in tandem.

“It’s kind of cool when you combine two scents and it makes something new,” Leon said. “I think it helps the psyche and builds confidence.”

Leon, who typically buys his fragrances online, offers department stores hope but also represents the uphill climb they face given customers’ multidimensional shopping habits.

TikTok is not only spawning trends like “tired girl” makeup and “blurred skin” but becoming a place where users discover and buy from new brands. TikTok Shop, an e-commerce feature the social media platform launched in 2023, has emerged as the nation’s seventh-largest online seller of beauty and personal care items, right behind Target, according to Euromonitor.

The online market shares of Macy’s and Nordstrom are 1% and less than 0.5%, and declining, the market research firm said.

Amazon, which accounts for almost half of online beauty and personal care sales, aims to mimic the physical store experience with virtual makeup try-on tools like one Sephora introduced in 2016. Sephora, meanwhile, unveiled in March an AI-powered online tool that uses selfies to identify potential skin concerns and make product recommendations.

• EBRD investing up to €50 million to accelerate Mlinar’s regional growth and modernisation
• Funding will support expansion, production upgrades and inclusive workplace initiatives
• Mlinar further strengthening its position in the bakery sector across Croatia and CSEE region

The European Bank for Reconstruction and Development (EBRD) has approved a landmark equity investment of up to €50 million in SEE Bakery International, the parent company of Mlinar Pekarska Industrija, Croatia’s leading producer of baked goods. This investment, which is structured in two tranches, will support Mlinar’s ambitious expansion and modernisation strategy across Croatia and the wider central, southern and eastern Europe (CSEE) region.

The EBRD’s investment will further consolidate Mlinar’s position, supporting both organic growth and strategic mergers and acquisitions, and reinforcing its commitment to sustainability and gender inclusion. The EBRD’s commitment will enable Mlinar to expand its operations, enhance production capacity and pursue targeted acquisitions in the CSEE region. The investment will also drive energy-efficiency improvements and promote inclusive workplace practices, with a focus on supporting female migrant workers. This project is aligned with the EBRD’s country strategy for Croatia, its Food and Agribusiness Strategy 2025, and the Green Economy Transition Approach 2021-25

Mlinar operates a multi-channel model, supplying major retailers and expanding its presence in the hotel, restaurant and catering segment. The company’s retail network spans Croatia, Serbia, Slovenia, and Bosnia and Herzegovina, with exports to over 20 markets worldwide. BOSQAR, the controlling shareholder of SEE Bakery International, is a leading Croatian investment group with a proven track record of driving growth and value creation across multiple sectors and is a longstanding client of the EBRD. BOSQAR is publicly listed on the Zagreb Stock Exchange and has stakes in companies operating in 23 countries, with diversified operations in sectors such as food, the outsourcing of business processes and technology, and human resources.

Miljan Ždrale, the EBRD’s Regional Director for Central Europe, commented: “I am very pleased to see this deepening of the relationship with Mlinar and our longstanding partner BOSQAR. This investment will strengthen a flagship Croatian brand and accelerate its regional expansion and modernisation. Under strong leadership, Mlinar is well positioned to scale up production, pursue targeted acquisitions and deliver strong, sustainable growth. Our investment will also back energy‑efficiency upgrades and inclusive workplace practices, with a particular focus on supporting female migrant workers.”

Natalia Zhukova, the EBRD’s Head of Food and Agribusiness, said: “We are pleased to support our client BOSQAR as they expand further in the food vertical through our investment in Mlinar’s ambitious growth strategy, which combines organic expansion with targeted acquisitions. We believe that, under BOSQAR’s strategic leadership, Mlinar is well positioned to accelerate its growth and create sustained value. Our investment will also support Mlinar’s energy-efficiency initiatives and help advance higher standards of employee inclusion.”

Tamas Nagy, Co-Head of Private Equity at the EBRD, added: “This investment demonstrates the EBRD’s commitment to supporting high-growth companies with strong fundamentals and clear strategic direction. Mlinar’s growth story is testament to the transformative impact of strategic investment and partnership, and we are excited to join our longstanding partners BOSQAR and MidEuropa in supporting Mlinar’s ambitious plans. By supporting Mlinar’s expansion and modernisation, the EBRD is helping to strengthen the bakery sector’s resilience and competitiveness across Croatia and neighbouring markets.”

“This investment marks a pivotal step in advancing Mlinar’s long-term growth strategy and further validates the strength of our operating model. The EBRD’s leadership in this round – and our ongoing partnership – reflects strong confidence in the progress we have achieved and the value we continue to create across our portfolio,” said Vanja Vlak, BOSQAR’s CFO.

“The EBRD’s strategic entry into Mlinar validates the quality of our business model, financial performance and long-term potential. This represents a significant acknowledgment of the work we have done so far, as well as our strategic vision,” said Mladen Veber, President of the Board of Mlinar.

“We are proud of Mlinar’s remarkable progress since its acquisition, which has enabled us to welcome two strong partners – BOSQAR and the EBRD – within the same year. This milestone reflects the strength of Mlinar’s trajectory and our shared vision for its future. We remain fully committed and look forward to working closely with both investors to further accelerate Mlinar’s growth,” said Filip Kisdobranski, a partner at MidEuropa (which was formerly the majority owner of Mlinar and is now a minority shareholder).

This investment builds on a longstanding strategic partnership between the EBRD and BOSQAR, which has mobilised up to €150 million in equity and bond financing to date.

The EBRD has invested more than €5 billion in Croatia to date across 275 projects. The Bank’s focus in Croatia is on supporting efforts to accelerate the reform process, leveraging the benefits of European Union accession to advance transition, and restructuring and commercialising public-sector enterprises.

Most farmers are now being paid less than it costs to produce their milk, forcing some to consider scaling back or exiting production altogether.

NFU Scotland Vice President Robert Neill said:

“We’ve seen highs and lows before, but the speed of this price drop is unprecedented. Farmers are under real pressure, and the supply chain must act responsibly.”

While some farmers on organic or supermarket-aligned contracts are partially protected, many are fully exposed to market risks. Milk production in the UK and abroad has surged, driving prices down at a time when feed and input costs remain high.

UK Farming Unions Send Warning to Processors

In a show of unity, the four UK farming unions – including NFU Scotland – have written a joint letter to milk processors, urging fairness, transparency, and responsible behaviour.

NFU Scotland Mike Committee Chair Bruce Mackie added:

“Prices are falling fast while costs remain high. Processors must communicate clearly and fairly with suppliers. Farmers deserve transparency and trust during such a critical time.”

The letter reminds buyers of their obligations under new Fair Dealing regulations, including the right for farmers to request a clear explanation of how prices are calculated. It also marks the first real test of the contract regulation adjudicator.

Many farms invested heavily over the past two years. That spending supported the wider rural economy – but with income falling, servicing those investments is now a major concern.

NFUS is also speaking directly with banks and retailers, calling for support and flexibility.

Robert Neill added:

“This is about more than milk it’s about rural jobs, local food security, and the future of our communities. The supply chain must share the risk, not just the reward.”

Significant investments like Arla’s £144 million Lockerbie upgrade and growing export success show the sector’s long-term potential – but urgent help is needed now to make sure farms survive to benefit.

Notes to editors:

Ends

Contact Carly Ross on 07860 642826

In our insights article of 5 November 2025, “The DFSA’s new crypto token proposal: A shift toward market-led oversight”, we outlined the regulator’s intention to move away from a prescriptive model of oversight. The Dubai Financial Services Authority (DFSA) has now formally updated its rules on Crypto Tokens in the DIFC, accompanied by supervisory guidelines and a policy statement issued on 15 December 2025. These changes will take effect on 12 January 2026.

Key regulatory development

Firms providing financial services involving crypto tokens must now determine, on a reasoned and documented basis, whether each token meets the DFSA’s suitability criteria. Responsibility for assessment is placed directly on market participants, with the expectation that firms will demonstrate compliance through structured processes and objective evidence.

Supervisory guidelines: Core areas of assessment

The supervisory guidelines set out how firms should approach suitability assessments. The evaluation is context-specific, meaning a token may be suitable for one activity or client base but not for another. Firms must consider the following areas:

1. Token characteristics and governance arrangements and founders

Under this criterion, firms are expected to assess whether a crypto token demonstrates a clear and practical use case, and whether its activity can be effectively traced and monitored on-chain on an ongoing basis.

The regulator has provided explicit indicators to guide firms in conducting this suitability assessment. Notably, the DFSA highlights negative indicators, such as tokens that are purely speculative in nature; like meme coins, which lack real-world application or utility. A particular concern is the concentration of supply, in many cases, meme coins are heavily held by their founders or affiliates. This creates volatility, as large disposals of such holdings can cause severe and immediate price fluctuations.

Conversely, the DFSA also identifies positive indicators. These include tokens with a genuine use case that addresses real-world problems, transparent governance arrangements, and the ability to monitor on-chain activity for compliance purposes. Tokens with a more diversified supply and limited concentration among a small group of holders are also viewed more favourably, as they reduce risks of market manipulation and enhance stability.

2. Regulatory status

Under the regulatory status criterion, firms are expected to consider whether a crypto token has been formally assessed or approved by regulators in other jurisdictions and whether its issuer is subject to ongoing supervision. A positive indicator would be a token that has been reviewed and approved for retail investor use under a comprehensive licensing regime. By contrast, a token that is merely listed on overseas exchanges or referenced in third party registration documents, without any express approval from a financial services regulator, would be regarded as a negative indicator.

Equally important is the regulatory oversight of the issuer itself. Where the issuer is licensed and subject to ongoing supervision by a financial services regulator, including obligations around AML and KYC compliance, transaction monitoring, and reporting, this provides assurance of accountability and transparency. Such status can typically be verified through public registers and disclosures.

Finally, firms should take into account whether the crypto token has been subject to enforcement actions, fines, or bans in any jurisdiction. A clean record with no history of regulatory sanctions is a strong positive indicator, whereas any evidence of enforcement measures would weigh against the token’s suitability. This focus on regulatory recognition and oversight ensures that only tokens with credible approval, transparent supervision, and a sound compliance history are considered appropriate.

3. Market size and liquidity

Under the market size and liquidity criterion, firms should evaluate the overall trading history and resilience of the crypto token’s market globally. This includes examining trading volumes, price volatility, and current market capitalisation. A strong token will demonstrate substantial market capitalisation relative to its trading volume and ecosystem size, reflecting broad adoption and liquidity. Stability in price and circulating supply further supports the token’s resilience and reduces susceptibility to manipulation, whereas markets dominated by a small number of holders present heightened investment and liquidity risks.

Equally important is the ability to accurately price the token. Tokens that are actively traded across multiple exchanges with sufficient liquidity and transparent market prices provide confidence in valuation. In contrast, tokens that are highly volatile and easily influenced by a small number of trades undermine pricing reliability and increase risk and are therefore viewed negatively by the regulator.

Finally, transparency of supply metrics is a critical factor. Suitable tokens will have their total, circulating, and maximum supply clearly disclosed and verifiable on-chain, with consistency across blockchain explorers and whitepapers. This transparency reduces risks of inflation or dilution and ensures investors have reliable information to support decision making. Together, these elements trading history, capitalisation, volatility, and supply transparency form the foundation for assessing whether a crypto token’s market is sufficiently robust and liquid to be considered suitable for the DIFC.

4. Technology resilience

Under the technology resilience criterion, firms should assess both the maturity and stability of the blockchain on which the crypto token is issued, as well as its ability to respond to adverse technological incidents. A strong token will be supported by a well established blockchain network that has been operational for several years, demonstrating high uptime and resilience with no major security breaches or crisis events. Such networks typically maintain thousands of geographically distributed nodes, benefit from strong community support, and have a proven track record of processing transactions reliably and securely over time.

Equally important is the blockchain’s capacity to adapt to cyber incidents. Suitable tokens are built on networks with established incident response procedures, a history of patching vulnerabilities quickly, and transparent communication with users during security events. Protocols that include upgradability features and have successfully coordinated community responses to mitigate past cyber attacks provide further assurance of resilience. In contrast, tokens lacking formal mechanisms for responding to technological incidents, or those that have demonstrated poor preparedness during recent attacks, highlight significant risks.

Taken together, the maturity of the blockchain and its demonstrated ability to withstand and adapt to technological challenges are critical indicators of whether a crypto token can be considered robust and suitable.

5. Compliance with DFSA rules

Under the compliance with DFSA rules criterion, firms should assess whether the use of a crypto token enables them to meet all obligations under DFSA administered laws and rules, with particular emphasis on AML and KYC requirements. A suitable token will operate transparently, allowing transactions to be monitored on chain and supporting mechanisms such as KYC and transaction screening where required. This ensures that firms can maintain effective oversight of activity and demonstrate adherence to the DFSA’s regulatory standards. By contrast, if the design or technical features of a token obstruct transparency or prevent effective monitoring, its use could inhibit compliance and therefore render it unsuitable. The key consideration is whether the token’s structure and functionality align with the regulatory framework, enabling firms to uphold their obligations without compromise.

Practical implications for firms

The updated regime introduces a more structured and predictable pathway for Crypto Token activities in the DIFC. Firms must:

• Establish internal frameworks for assessing token suitability.
• Document reasoning and evidence supporting their conclusions.
• Implement monitoring processes for compliance, market activity, and technological resilience.
• Differentiate assessments according to client segments and business models.
• While firms may take into account another participant’s suitability assessment, they remain responsible for their own determination.

The DFSA’s updated framework shifts the burden of judgment squarely onto firms. This means companies can no longer rely on regulatory pre clearance or industry consensus; they must build defensible, evidence based processes for each token they touch. In practice, that requires not only documenting why a token meets suitability criteria but also showing how ongoing monitoring will catch changes in governance, liquidity, or regulatory status. Firms that treat this as a one off exercise risk falling short what the DFSA expects is a living framework that evolves with the market.

Conclusion

The DFSA’s updated framework represents a significant development in the regulation of digital assets within the DIFC. By placing responsibility on firms to assess suitability, the regime promotes accountability and ensures that oversight reflects the realities of market activity. As the rules come into force in January 2026, firms should prepare to adopt rigorous, well-documented processes that align with the DFSA’s expectations and support the continued growth of a safe and well-regulated crypto environment.

Our team is advising clients across sectors on regulatory compliance, infrastructure, and risks. If you would like to discuss how these reforms affect your business or how to turn regulatory change into competitive edge; get in touch with Tom Bicknell, Barkha Doshi.

 

Over £70million in total has been secured to transform Walsall Town Centre, including the £20.25million Community Regeneration Partnership (CRP) funding that was secured in February 2025, and the last 12 months have seen Walsall’s transformation gather pace.

“ The past year has been truly transformational for Walsall. We are seeing major regeneration schemes move from paper into delivery, and residents can now feel and see positive change taking shape. Whether it’s the refurbishment of Bradford Mall, the return of Three Men In a Boat, the renewal of the Guildhall, the planned canal footbridge, or the arrival of the new Adult Learning Centre, these projects show our long-term commitment to building a thriving town centre that serves local people. With more investment still to come, the next two years will be even more exciting. “

The Zug Cantonal Court has ruled in favour of a climate lawsuit against Holcim, marking a legal first in Switzerland. Residents of an Indonesian island are demanding compensation from the cement company, a significant reduction in CO2 emissions and participation in adaptation measures.

+Get the most important news from Switzerland in your inbox

The court has recognised that the plaintiffs deserve legal protection as people whose livelihoods are affected by climate change, the aid organisation of the Swiss Protestant Reformed Church (HEKS) announced on Monday.

More

More

Climate adaptation

Four Indonesian islanders take on Swiss cement giant Holcim

This content was published on

Nov 26, 2025


A report from Pulau Pari, Indonesia, where four residents have vowed to fight a major Swiss company in one of the world’s most polluting industries.

Read more: Four Indonesian islanders take on Swiss cement giant Holcim

Four inhabitants of the island of Pari filed the lawsuit against Holcim. They argue that the flooding caused by climate change is threatening the livelihoods of the islanders.

+ Holcim’s Uganda unit accused of human rights and environmental abuses

Holcim plans to appeal the decision. At a hearing in September, the company rejected the plaintiffs’ claims, arguing it is affected by climate change to the same extent as the global population and that the case shows no concrete, legally protectable interest. Holcim added that it remains committed to achieving net zero emissions by 2050.

Adapted from German by DeepL/ds