Abu Dhabi Global Market has positioned itself as the leading destination of choice for the crypto asset players. In response to ever-growing global demand from the digital industry, ADGM has introduced a detailed regulatory framework to regulate crypto asset activities. The regulation includes the assets undertaken by exchanges, custodians, asset managers, brokers, and other intermediaries.
The New Digital Asset Regulations
It’s no secret that Abu Dhabi is setting the bar for the digital assets by creating a regulatory-friendly environment. The new regulations issued by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi clarify as well as compliment the initial guidance on the initial coin offerings and other digital offerings.
The latest release is the roadmap for various entities to smoothly and efficiently shift to conduct digital asset activities.
Abu Dhabi Global Market introduces new guidelines on digital assets
https://t.co/IwystGfP5F— 𝗕𝗮𝗻𝗸XRP (@BankXRP) September 9, 2019
The framework addresses the associated risks, including the market-related abuse and financial crime, technology governance, consumer protection, custody as well as exchange operations.
ADGM is doing everything possible to ensure it bolsters the economic diversification of the UAE and Abu Dhabi via innovation as well as sustainable initiatives.
According to the country’s Minister of State and Executive Chairman, Ahmed Ali Al Sayegh, they’re doing everything possible to ensure that the organization stays on top. The focus is to respond to the ever-dynamic needs on the local environment as well as anticipating developments and impacting the global marketplace.
Moreover, ADGM, as an International Finance Center has been playing various strategic roles one being in the creation of new financial opportunities as well as initiating exclusive business propositions to benefit the global partners and the local business.
According to Richard Teng, CEO of FSRA, the new regulations provide the technological industry players the transparency as well as certainty in effectively operating the best regulatory environment. Besides, it strengthens the ADGM’s position as the smart digital IFC as well as the nation’s position as being a financial Centre of innovation.
The Primary Focus
The new guidelines provide a clear way on the application of the ADGM securities regime focusing primarily on the offers, custody of digital securities, trading, and listings. Besides, it outlines a roadmap for the entities and whether they operate within the conventional or the Crypto Asset space.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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