The Financial Services Regulatory Authority, the regulator of Abu Dhabi Global Market, on Monday published a consultation paper on a proposed framework to administer spot crypto asset activities, including exchanges, custodians and other intermediaries, to be undertaken in the financial free zone of the emirate.
“The FSRA is seeking to instil proper governance, oversight and transparency over crypto asset activities,” Richard Teng, chief executive, FSRA of ADGM, said in a statement. "Our proposed regulatory regime is only possible with our deep understanding and knowledge of the solutions available to address the respective risks and represents the most comprehensive regime proposed by global regulators so far."
ADGM is seeking industry comments for the “fit for purpose” regulatory framework that effectively addresses a full range of risks associated with crypto asset activities, it said. For crypto asset exchanges, the framework will entail proper regulation, addressing key risks including anti-money laundering and counter-terrorist financing, consumer protection, technology governance and safe custody, ADGM said.
_______________
Read More:
Abu Dhabi Global Market mulling virtual currency regulatory framework
_______________
The dramatic growth of digital asset and crypto asset markets has been transformational for financial markets. Initially intended as a medium of exchange requiring no central counterparty, crypto assets such as Bitcoin have evolved to become alternative investments for investors seeking returns in this asset class.
In February, ADGM said that it was considering a governing framework to supervise virtual currency exchanges. The announcement followed the preliminary guidance on initial coin and token offerings that the FSRA made last October. The latest proposal supplements the FSRA’s October guidance.
The ADGM regulator, however, earlier this year echoed concerns raised by the UAE's Securities and Commodities Authority, which warned investors against any fundraising done through cryptocurrencies, be it ICOs, initial token offerings, token pre-sale or token crowd-sale.
There have been multiple industry calls for a more comprehensive approach to address the risks in the crypto asset markets, especially from the IMF and Financial Stability Board.
FSRA, however, advocates a comprehensive regulatory framework and a well-regulated regime that assures crypto asset activities are subject to proper oversight, addresses inherent risks and adheres to high standards.
“A fair, credible and effective regime will enable participation not only from retail and accredited investors that are active in seeking exposure, but facilitate participation from institutions and corporates that have been largely absent due to inability to address the risks involved,” ADGM said.
SPEC SHEET: SAMSUNG GALAXY Z FOLD5
Main display: 7.6" QXGA+ Dynamic Amoled 2X, Infinity Flex, 2176 x 1812, 21.6:18, 374ppi, HDR10+, up to 120Hz
Cover display: 6.2" HD+ Dynamic Amoled 2X, 2316 x 904, 23.1:9, 402ppi, up to 120Hz
Processor: Qualcomm Snapdragon 8 Gen 2, 4nm, octa-core; Adreno 740 GPU
Memory: 12GB
Capacity: 256/512GB / 1TB (online exclusive)
Platform: Android 13, One UI 5.1.1
Main camera: Triple 12MP ultra-wide (f/2.2) + 50MP wide (f/1.8) + 10MP telephoto (f/2.4), dual OIS, 3x optical zoom, 30x Space Zoom, portrait, super slo-mo
Video: 8K@24fps, 4K@60fps, full-HD@60/240fps, HD@960fps; slo-mo@60/240/960fps; HDR10+
Cover camera: 10MP (f/2.2)
Inner front camera: Under-display 4MP (f/1.8)
Battery: 4400mAh, 25W fast charging, 15W wireless, 4.5W reverse wireless
Connectivity: 5G; Wi-Fi, Bluetooth 5.3, NFC (Samsung Pay)
I/O: USB-C
Cards: Nano-SIM + eSIM; dual nano-SIMs + eSIM
Colours: Cream, icy blue, phantom black; online exclusives – blue, grey
In the box: Fold5, USB-C-to-USB-C cable
Price: Dh6,799 / Dh7,249 / Dh8,149
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
UAE currency: the story behind the money in your pockets
Spec sheet
Display: 4.7" Retina HD, 1334 x 750, 625 nits, 1400:1, True Tone, P3
Chip: Apple A15 Bionic, 6-core CPU, 4-core GPU, 16-core Neural Engine
Camera: 12MP, f/1.8, 5x digital zoom, Smart HDR, Deep Fusion
Video: 4K+@ 24/30/60fps, full HD+@ 30/60fps, HD+@ 30 fps
Front camera: 7MP, f/2.2, Smart HDR, Deep Fusion; HD video+@ 30fps
Battery: Up to 15 hours video, 50 hours audio; 50% fast charge in 30 minutes with 20W charger; wireless charging
Biometrics: Touch ID
Durability: IP67, dust, water resistant up to 1m for 30 minutes
Price: From Dh1,849
Andor
Creator: Tony Gilroy
Stars: Diego Luna, Genevieve O'Reilly, Alex Ferns
Rating: 5/5
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins