Abu Dhabi Financial Regulator is Regulating Cryptocurrency Industry
February 12, 2018 4:35 pm
Abu Dhabi Financial Regulator is considering Cryptocurrency Framework
Abu Dhabi’s international financial center is considering regulations for the cryptocurrency industry, the regulation has been expected to see the exchanges and intermediaries move into the financial zone.
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market told that it is currently evaluating the development of a regulatory framework with industry firms and relevant authorities.
The regulator told:
“We are reviewing and considering the development of a robust, risk-appropriate regulatory framework to regulate and supervise activities of virtual currency exchanges and intermediaries. In considering such a framework, the FSRA intends to consult and work closely with industry participants and relevant professional bodies.”
The regulation move comes within months of guidelines issued by the Abu Dhabi government for cryptocurrencies and ICOs in the capital of the United Arab Emirates (UAE). In October, Abu Dhabi’s financial markets regulator ruled out a “one size fits all” regulatory approach to the sector, separating ICOs as securities and cryptocurrencies as commodities.
FSRA also announced:
“The FSRA notes that virtual currencies, although not legal tender, are gaining interest globally as a medium of exchange for goods and services.”