{"id":35924,"date":"2022-09-13T09:55:04","date_gmt":"2022-09-13T13:55:04","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=35924"},"modified":"2022-09-13T09:55:07","modified_gmt":"2022-09-13T13:55:07","slug":"regulator-in-abu-dhabi-outlines-its-guiding-principles-for-crypto","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/regulator-in-abu-dhabi-outlines-its-guiding-principles-for-crypto\/","title":{"rendered":"Regulator in Abu Dhabi outlines its “guiding principles” for crypto"},"content":{"rendered":"\n
The FSRA, the financial regulator of Abu Dhabi Global Market free economic zone (ADGM) promises to abide by global safety standards.<\/h5>\n\n\n\n
\"Regulator
Regulator in Abu Dhabi outlines its “guiding principles” for crypto<\/figcaption><\/figure>\n\n\n\n

The Financial Services Regulatory Authority (FSRA), which oversees the financial sector in the free economic zone of Abu Dhabi\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> Global Market (ADGM), released its “Guiding Principles” on how it approaches the regulation and supervision of digital assets.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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

The tone and content of the principles generally align with common affirmations about making the market more inventive, dynamic, and safe, but there are several particulars that would characterize the ADGM regulatory environment.<\/p>\n\n\n\n

According to the principles, English Common Law will serve as the foundation for the ADGM's legislative structure. Regulator, Registrer, and Court functions will all function independently within the economic zone,<\/a> with a regulatory committee created by the board to assure supervisory independence.<\/p>\n\n\n\n

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

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.<\/p>\n\n\n\n

In a consultation document released in March 2022, ADGM suggested allowing regulated businesses to promote nonfungible token (NFT) trading within the territory. Binance<\/a> and Kraken were the first foreign businesses to be given regulatory approval to function in ADGM in April.<\/p>\n","protected":false},"excerpt":{"rendered":"

The FSRA, the financial regulator of Abu Dhabi Global Market free economic zone (ADGM) promises to abide by global safety standards. 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 […]<\/p>\n","protected":false},"author":38,"featured_media":35928,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1822,132],"class_list":["post-35924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-abu-dhabi","tag-crypto"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/UAE_Crypto_shutterstock_27Jan20.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/35924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=35924"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/35924\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/35928"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=35924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=35924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=35924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}