In the financial center of the Arab Emirates capital city launched a system for cryptocurrency assets regulation. The Abu Dhabi Global Market (ADGM) in Abu Dhabi this week introduced a system for regulating cryptocurrency assets, including the supervision of transactions conducted by stock exchanges in ADGM.
This step follows the consultations on the introduction of a reliable system for regulating crypto assets by the financial regulator ADGM (FSRA) on May 28, 2018. The regulatory framework is designed to work with the full range of risks associated with crypto assets, including money laundering and financial crimes, consumer protection, technology management, storage and exchange operations.
The new structure is one of ADGM’s measures in the framework of constant support for the diversification of the economy of Abu Dhabi through innovative initiatives.
Local and international companies that participated in the consultation, respond positively to the proposed regulatory framework. Taking into account the constructive comments from these respondents, some changes were made to it.