12.03 AM Wednesday, 22 May 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:05 05:28 12:18 15:42 19:03 20:26
22 May 2024

ADGM updates guide on crypto asset activity regulations

By Wam

The Financial Services Regulatory Authority, FSRA, of the Abu Dhabi Global Market, ADGM, has updated its "Guidance for the Regulation of Crypto Asset Activities", the second edition to the initial guide published on 25th June, 2018.

The updated guide reinforces the FSRA’s focus and commitment as a financial services regulator to support innovation and maintain rigorous regulatory practices. It includes key updates in a number of areas to take into account recent global developments, including Stablecoins/Fiat Tokens, further clarity on the types of crypto asset custody activities that can be undertaken, technology governance, and FSRA Anti-Money Laundering and Sanctions Rules and Guidance.

Richard Teng, FSRA Chief Executive Officer, said, "The enhanced guidance is a response to the rapidly changing technologies and crypto asset activities that we see operating globally. From our constant engagement with international stakeholders, the enhanced guidance sets out our active approach towards the regulation and supervision of crypto asset activities, underlining the ADGM as the market of choice for crypto asset growth and development. We welcome the engagement and support of firms establishing their operations within the ADGM, which are looking to achieve their own growth and success."

Under its crypto asset framework, the FSRA regulates entities operating crypto asset businesses, including activities undertaken by crypto asset exchanges, custodians and other intermediaries. The FSRA is preparing another guidance on digital securities for primary and secondary market consideration.