Abu Dhabi International Financial Centre Financial Services Regulatory Authority implements revision of digital asset regulatory framework

According to Crowdfunding Insider, the Financial Services Authority (FSRA) of Abu Dhabi International Financial Centre has announced revisions to its digital asset regulatory framework, which will take immediate effect. This revision was made after extensively contacting the industry and collecting feedback on the consultation document No. 11 of 2024. The key revisions include optimizing the process for virtual assets (VAs) to become recognized virtual assets in the Abu Dhabi Global Market (ADGM), and establishing appropriate capital requirements and fee regulations for authorized individuals engaged in related regulated activities. At the same time, specific product intervention rights for virtual assets will be introduced to clarify the rules prohibiting the use of privacy tokens and algorithmic stablecoins within ADGM. In addition, the investment scope of venture capital funds has been expanded.