Abu Dhabi begins the first step to adopting digital currencies by launching new regulations
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Answer Abu Dhabi begins the first step to adopting digital currencies by launching new regulations
The Regulatory Authority of the Abu Dhabi Financial and International Center in the Free Zone has launched a new regulatory framework that will include services related to (digital and cryptocurrency) and the regulation of trading platforms and brokers in the region.
This step comes as a desire to promote a safer and more prosperous market for companies operating in the field of digital currencies, as the Financial Services Regulatory Authority – affiliated with the Abu Dhabi Global Market – has established a legislative framework for digital assets. The announcement follows public consultation sessions with local and international companies to introduce fundamental improvements to the framework prior to its launch.Read:VeChain Corporation seeks to destroy 727 million recently stolen VET
The regulations stated the following: “The Financial Services Regulatory Authority has addressed a number of issues around consumer protection, technology governance, disclosure and transparency to regulate the digital and cryptocurrency trading market in a manner similar to regulatory laws in global financial markets.”
In general, the Financial Services Regulatory Authority has classified digital currencies as follows:
- Security tokens are designed to meet specific regulatory requirements.
- Utility tokens will be classified as a commodity.
Any indirect asset in cryptocurrencies will also be regulated as “specific investments” that follow the financial services regulations and markets.
Abu Dhabi’s opinion on cryptocurrency
The CEO of the Financial Services Regulatory Authority, Richard Teng, stated that Abu Dhabi feels great global and regional interest in the world of virtual currencies, and therefore it is working to establish a regulatory framework that protects all parties.
He added: “On the global level, many entities seek to assume the responsibility of setting up a regulatory system based on high standards that would enhance confidence in the market, so we have cooperated with a number of global regulators in order to deal with the main risks as a result of dealing with virtual currencies on the wide range.”Read:Brazil arrests gang laundering money with Bitcoin and cryptocurrency
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