Abu Dhabi lays out 5 principles that ‘guide’ its regulatory approach towards Crypto

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The Financial Services Regulatory Authority (FSRA), which oversees the financial sector in the free economic zone of Abu Dhabi Global Market (ADGM), released its “Guiding Principles” on how it approaches the regulation and supervision of digital assets.

The principles promise to adhere to international norms in anti-money laundering (AML), countering the funding of terrorism (CFT), and supporting financial sanctions while maintaining a positive tone toward the crypto industry. 

Five guiding principles were posted without a publication date on the ADGM’s official website. Internationally Recognized Regulatory Framework, Dynamic and Market-Oriented Regulations, Risk-focused and Proportionate Approach, Cooperation and Shared Responsibility, and Delivering High Standards of Quality & Service are the names of these regulations.

According to the principles, English Common Law will serve as the foundation for the ADGM’s  legislative structure. Regulator, Register, and Court functions will all function independently within the economic zone, with a regulatory committee created by the board to assure supervisory independence. 

Although they may sound liberal, these fundamentals will be supported by compliance to global AML/CFT standards, tight coordination with other jurisdictions, and “financial sector surveillance” as a component of the FSRA mission. 

The regulator also plans to work closely and on a “regular but informal” basis with market participants. Individual meetings between the regulatory and business teams as well as working sessions with industry experts and members of the market will be included in this. 

In a consultation document released in March 2022, ADGM suggested allowing regulated businesses to promote nonfungible token (NFT) trading within the territory.

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