The Financial Services Regulatory Authority of Abu Dhabi Global Market is proposing amendments to its capital market regulations designed to significantly enhance its virtual assets framework and to introduce spot commodities trading and emissions allowance rules.
The wide-ranging amendments, covering virtual assets, securities, derivatives, commodities and benchmarks, are aimed at reinforcing ADGM’s capital market ecosystem, enabling greater participation within the financial centre’s primary and secondary markets, the FSRA said on Monday.
The regulator has already published a consultation paper, and responses from stakeholders should be submitted by May 20.
“The proposed enhancements to our capital markets framework will serve to unlock the next stage of investment and growth opportunities, including in virtual assets, spot commodities and emission allowances,” Ahmed Al Zaabi, chairman of ADGM, said.
“These amendments will strengthen our innovative leadership in virtual assets and commodities trading regionally and internationally.”
The ADGM, one of the fastest growing international financial centres, is part of Abu Dhabi's efforts to diversify its economy and connect the emirate with markets in the Middle East, Africa and South and East Asian economies.
It is home to thousands of companies including global businesses, financial institutions, treasury centres, professional services firms, small and medium enterprises, start-ups and FinTech companies such as digital asset trading entities.
The FSRA has been upgrading and amending regulations since its inception to mitigate risks and make ADGM an attractive space for home-grown, regional and international companies.
The proposed amendments will position ADGM and Abu Dhabi as the “jurisdiction of choice”, Mr Al Zaabi said.
The amendments fall across FSRA’s financial services and markets regulations, as well as the market rules, market infrastructure rules, conduct of business rules, Islamic finance rules and fees rules, among others.
In 2018, the FSRA launched a framework for the trade of virtual assets by businesses, including platforms such as multilateral trading facilities, custodians and brokers.
With the publication of the consultation paper, ADGM is launching its transition to Virtual Assets Framework 2.0, the FSRA said.
In the past four years, ADGM has seen a “significant growth” in the number licensed companies offering virtual asset-related activities, with 11 fully licensed and approved in-principle virtual asset companies.
The proposed changes include amendments to the risk disclosure requirements and allowing regulated multilateral trading platforms and custodian groups to conduct non-fungible token activities, it added.
ADGM is also proposing a new regulatory framework for spot commodity trading, becoming the first international financial centre in the Middle East and North Africa to offer a framework for the regulation of spot commodities and emission allowances.
The proposed enhancements to our capital markets framework will serve to unlock the next stage of investment and growth opportunities, including in virtual assets, spot commodities and emission allowances
Ahmed Al Zaabi,
chairman, ADGM
Proposed changes also cover listed companies within the mining and petroleum segment and new regulatory requirements concerning benchmarking activities, the FSRA said.
With the new framework, ADGM aims to support Abu Dhabi’s economic plans to develop new markets in commodities such as carbon, hydrogen and ammonia.
ADGM has already developed into a commodities trading centre, with both physical markets and financial commodity derivatives markets.
In February, Thailand’s state-owned oil and gas company PTT opened a trading office at ADGM. PTT joined the growing energy trading community based at ADGM, which includes Adnoc Global Trading, Adnoc Trading, ICE Futures Abu Dhabi, which launched Murban Futures in March 2021, and India’s Reliance Industries, which opened its trading office in October 2021.
ADGM is also proposing to enhance its regulatory framework to enable offers and listings by petroleum and mining companies. It aims to attract companies in their growth phase by offering flexible capital structures and avenues to raise financing.
Proposed changes include offering of new shares to new investors, representing up to 20 per cent of a company’s existing share capital per year, without triggering the pre-emptive, anti-dilution rights of existing shareholders, the FSRA said.
“The significant enhancements to our capital markets framework is part of the FSRA’s objective to continue to develop ADGM’s comprehensive regulatory framework to further enhance its vibrant financing ecosystem,” Emmanuel Givanakis, chief executive of the FSRA, said.
“Collectively, our regulatory framework caters to the funding needs of a wide range of companies at different stages of their growth and life cycle.”
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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