Abu Dhabi’s international financial centre has published new guidelines outlining it approach to the growing virtual asset industry.
The Abu Dhabi Global Market’s (ADGM) financial regulator, the Financial Services Regulatory Authority (FSRA), already has a framework for spot virtual asset activities.
But the new issuance is aimed at outlining the regulator’s approach to virtual asset regulation and supervision, as well as inform and education the investor community and the public about the actions FSRA can take to respond to risks.
“These guiding principles will provide greater clarity to investors, other regulators, industry and the wider public of our approach to regulation in this area and key expectations we have set on current virtual asset service providers in ADGM and potential applicants,” Emmanuel Givanakis, chief executive officer of the FSRA, said in a statement.
Among the principles highlighted in the new guideline include a focus on preventing money laundering and other financial crimes, which have been in the UAE’s priorities in recent years.
“They also outline the tools we have at our disposal to mitigate the material risks that are born from these activities and the regulatory powers to identify and act upon any misconduct,” Givanakis added.
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