The Financial Services Regulation Authority (FSRA) on the global market in Abu Dhabi (ADGM) is preparing a set of rules on cryptocurrencies, initial monetary offers (ICOs) and cryptocurrency exchanges.
The official announcement was published and published on Sunday, February 11.
When developing regulations, FSRA intends to cooperate with relevant qualified institutions and persons involved in the cryptocurrency industry. It was not specified exactly when these regulations would be approved.
FSRA has previously issued a warning about the risk of ICO and cryptocurrencies on October 9, 2017, when the financial regulator began to consider developing its own set of rules regarding cryptocurrencies.
In its announcement, ADGM recognizes the global demand for digital currencies, stating that “virtual currencies, although not legal tender, gain global interest as a means of exchanging goods and services”.
On February 4, 2018, the UAE (SCA) issued a warnings document to investors, stating that they must take into account the risks involved in investing in digital tokens, as this type of activity is not yet regulated by the United Arab Emirates .