The ADGM, an international financial centre located on Al Maryah Island in the heart of Abu Dhabi, says the launch follows “successful completion of a public consultation on the introduction of a robust crypto asset regulatory framework by ADGM’s Financial Services Regulatory Authority (FSRA) on 28th May 2018.”
The regulations are designed to deal with the risks crypto asset activities represent, including money laundering and financial crime as well as consumer protection, technology governance, custody and exchange operations. They are part of ADGM’s efforts to boost Abu Dhabi’s economic diversification through innovation and sustainable initiatives.
“We are encouraged by the significant global and regional interest from exchanges, custodians, intermediaries and other institutions to our crypto spot regulatory framework,” says FSRA CEO of ADGM Richard Teng. “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.”