The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has published its 2024 annual report, highlighting key advancements in its digital asset regulatory agenda.
Central to these developments was the introduction of a regulatory framework for fiat-referenced tokens (FRTs), a category of stablecoins, it said. The framework sets standards for reserve quality, governance, and redemption rights, and formally recognises FRT issuance as a regulated activity within ADGM.
The FSRA also implemented wider enhancements to align its digital asset policies with international benchmarks, including the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision. These initiatives reflect the FSRA’s continued commitment to responsible financial innovation.
Commenting on the year’s achievements, Emmanuel Givanakis, CEO of the FSRA, said: “From streamlining our supervisory focus to continuing to enhance our regulatory framework, including for digital assets and sustainable finance, we have continued to build a trusted, risk-proportionate, and forward-looking regulatory environment.”
In parallel, the authority contributed to national efforts to strengthen anti-money laundering and counter-financing of terrorism controls. Technical input provided by the FSRA supported regulatory improvements which led to the UAE’s removal from the Financial Action Task Force grey list.
The report also outlines continued cooperation with domestic and international regulators and confirms a 30% increase in licensed financial services firms within ADGM during 2024. Looking ahead, the FSRA reaffirmed its priorities of supporting technological agility, regulatory transparency, and investor protection.
