Abu Dhabi amends digital currency regulation

Abu Dhabi Global Market (ADGM) has released amendments to the regulations and rules around the authorisation and supervision of virtual assets.

The Financial Services Regulatory Authority (FSRA), which made the amendments, has changed the terminology of “crypto asset” to “virtual asset” to match the terms used by the international governmental body Financial Action Task Force.

Its other change includes moving applicable regulations and rules from a bespoke category of “operating a crypto asset business” to the respective underlying regulated activities, such as providing custody, operating multilateral trading facility, dealing in investments, and more.

Cryptocurrency is still a major talking point for regulators around the world. Earlier in the month, Estonia’s government revealed a new set of rules for digital currency providers which boost anti-money laundering and counter terrorist financing processes.

Japan’s financial regulator also stated it was looking to alter its cryptocurrency regulations to improve consumer protections.

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