- FSRA along with ADGM, published “Guiding Principles”, which will draw on best standards and practices around the world.
- Through the guiding principles, ADGM will provide institutions with ease and flexibility.
- There are Five guiding principles that were published on the official webpage of the ADGM.
The Financial Services Regulatory Authority (FSRA) along with Abu Dhabi Global Market free economic zone (ADGM), published “Guiding Principles”, which will draw on best standards and practices from international financial services centers around the world. The crypto community believes that these regulations could apply to digital asset regulation and supervision.
Through the guiding principles, ADGM will provide institutions with ease and flexibility in deciding the appropriate business model to establish their presence and business.
ADGM pledges to conform with international standards of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).
There are five guiding principles that were published on the official webpage of the ADGM. These five principles are named: Internationally Recognised Regulatory Framework, Dynamic and Market-Oriented Regulations, Risk-focused and Proportionate Approach, Cooperation and Shared Responsibility, and Delivering High Standards of Quality & Service.
ADGM will be overseen by its Board of Directors who have the full authority to operate the market, issue regulations, and oversee the regulators budget and performance.
Within the ADGM, the Regulator, Registrar, and Court functions will operate entirely independently, with a Regulatory Committee appointed by the Board to ensure supervisory independence.
According to ADGM:
ADGM’s overall core values are “respect, trust, performance, and responsibility”. The Regulatory Authority will emphasize and be accountable to standards of integrity, professionalism, collaboration, and accountability in all its activities.
ADGM is an award-winning international financial center strategically located in the capital of the United Arab Emirates. ADGM’s four independent authorities – the Registration Authority (RA), FSRA, ADGM Courts, and ADGM Authority create a business-friendly environment.
In Dubai, Virtual Assets Regulatory Authority (VARA) is the world’s first specialized regulator for the Virtual Assets sector. VARA is responsible for licensing and regulating the virtual asset sector in Dubai and its free zone territories (excluding DIFC). VARA also oversees all licensing requirements, and applications for authorization of virtual asset activities under the UAE law.
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