Abu Dhabi Launches Cryptocurrency Regulations

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  • The International Financial Centre in Abu Dhabi, Abu Dhabi Global Market (ADGM) has launched a framework to regulate cryptocurrency activities

 

  • The move comes after a public consultation on the introduction of a crypto asset regulatory framework by ADGM Financial Services Regulatory Authority (FSRA) on 28 May 2018

 

  • According to the statement released, the framework is designed to address the “full range of risks associated with crypto asset activities, including risks relating to money laundering and financial crime, consumer protection, technology governance, custody and exchange operations”

 

  • Mr Richard Teng, Chief Executive Officer, FSRA of ADGM, said: “We are encouraged by the significant global and regional interest from exchanges, custodians, intermediaries and other institutions to our crypto spot regulatory framework. Globally, responsible crypto asset players are seeking a regulatory regime upholding high standards that foster market confidence. By introducing a comprehensive and best-in-class regulatory framework, the FSRA is taking a leading role in instilling proper governance, oversight and transparency over crypto asset activities, positioning ADGM as a destination of choice for crypto asset players”

 

 

  • In it the FSRA details its regulatory approach to the different types of digital assets (see diagram below).

 

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