Abu Dhabi Global Market Regulatory Arm Unveils Document Proposing Changes to Virtual Asset Regulations
Before the latest consultation paper, the ADGM had been one of the few jurisdictions in the world to regulate virtual assets. Consequently, since 2018 when the regulatory framework was put in place, the financial center has seen a significant jump in the number of licensed firms offering virtual asset-related services. At the time of the consultation paper’s release, the ADGM had 11 fully-licensed and approved in-principle virtual asset players, the statement said.
In his remarks following the unveiling of the consultation paper, Emmanuel Givanakis, CEO of the FSRA, is quoted in a statement explaining the reasons behind the plan to amend the financial centre’s regulatory regime. He explained:
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