The FSRA is taking a pro-market stance however pledges to comply with international safety standards.
The Financial Services regulatory authority (FSRA), the money regulator of Abu Dhabi world Market free economic zone (ADGM), revealed its “Guiding Principles” on its approach to digital plus regulation and supervision.
Friendly in tone to the crypto business, the principles pledge to fits international standards in Anti-Money laundering (AML), combating the funding of terrorist act (CFT) and supporting financial sanctions.
Five principles were published without date specification on the official webpage of the ADGM. they go under the titles of Internationally Recognized regulatory Framework, Dynamic and Market-Oriented laws, Risk-focused and Proportionate Approach, Cooperation and Shared Responsibility, Delivering High Standards of Quality & Service.
While normally the tone and content of the principles correspond to standard declarations of making the market additional dynamic, innovative and safe, at a similar time, there square measure some specific points that might outline the ADGM regulatory landscape.
According to the principles, the ADGM’s legislative framework are going to be supported English Common Law. among the economic zone, the Regulator, Register and Court functions can operate entirely severally, with a regulative committee appointed by the board to make sure superior independence.
As liberal as they sound, these premises are going to be supplemented by compliance with international AML/CFT standards, shut cooperation with different jurisdictions and “financial sector surveillance” as a section of the FSRA operate.
( David Attlee, Cointelegraph, 2022 )