Abu Dhabi Markets Watchdog Mulls Crypto Exchange Regulations

Abu Dhabi’s markets regulator is considering drawing up a supervisory framework for cryptocurrency exchange operations.

In an announcement, the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market said it is “reviewing and considering the development of a robust, risk-appropriate regulatory framework to regulate and supervise activities of virtual currency exchanges and intermediaries.”

The FSRA said the move would be an addition to guidance it issued in October 2017 regarding a regulatory approach towards token-based fundraising activities such as initial coin offerings.

Given the rising popularity of cryptocurrencies in the region, the FSRA said then that it would apply existing anti-money laundering and know-your-customer (KYC) rules to token sales, classifying some as securities and others as commodities.

The FSRA now notes its concerns over the issues of cryptocurrencies being used in money laundering and terrorist financing, as well as the risk of cyberattacks…

Read Full: Abu Dhabi Markets Watchdog Mulls Crypto Exchange Regulations