Abu Dhabi Proposes Fiat Stablecoin Regulatory Framework - 0 views
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John Kiff on 26 Aug 24The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has published Consultation Paper No. 7 of 2024 containing proposals to enhance its regulatory framework to allow the issuance of Fiat-Referenced Tokens (FRTs). It adopts adopt a risk-based and proportionate approach based on appropriate regulatory requirements that incorporate the necessary safeguards to ensure that FRT issuers operate in a safe and sound manner and informed by current practices in leading jurisdictions. The latter include the New York Department of Finance, the European Union's Markets in Crypto-Assets Regulation, the Monetary Authority of Singapore, HM Treasury and the Financial Conduct Authority in the United Kingdom, and the Hong Kong Monetary Authority.