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Abu Dhabi plans rules for spot crypto asset markets
MAGNiTT News zawya.com - 2 years ago - Tue, May 1, 2018, 10:25 AM
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By Issac John / Zawya
SOURCE : Zawya - Abu Dhabi plans rules for spot crypto asset markets
Abu Dhabi's markets regulator said it is seeking to introduce proper governance, oversight and transparency over crypto asset activities.
On Monday, the Financial Services Regulatory Authority (FSRA), the regulatory authority of Abu Dhabi Global Market (ADGM), published a consultation paper setting out its proposed framework to regulate spot crypto asset activities, including exchanges, custodians and other intermediaries.
The proposal is to have a fit-for-purpose regulatory framework that effectively addresses the full range of risks associated with crypto asset activities.
In a statement, the FSRA said for crypto asset exchanges, it would entail proper regulation as market infrastructures addressing key risks including anti-money-laundering and counter-terrorist financing, consumer protection, technology governance and safe custody.