UAE Global Market issues new guidelines

6 September, 2019 12:00 AM printer

DUBAI: The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) issued a set of guidelines for digital securities to support the development of such assets within the financial centre.

It provides clarity on ADGM's securities regime following recent technological advances, focusing on initial offerings, listing, trading and custody of digital securities. It also provides a "road map for entities to efficiently and smoothly migrate into conducting digital securities activities" within the centre, according to a Thursday statement from the authority, report agencies.

“It is important that we continue to stay ahead of the curve, as a progressive nation and economy, by responding to the dynamic needs of our local environment and anticipating the developments and impact of the global marketplace," said Ahmed Ali Al Sayegh, UAE minister of state and executive chairman of ADGM. "As an International Finance Centre, ADGM has been actively playing a strategic role in creating new financial opportunities and initiating unique business propositions that benefit our local businesses and global partners."

Richard Teng, chief executive of ADGM's FSRA, said the new guidance on digital securities "provides technologically advanced industry players with the transparency and certainty required to effectively operate in a best-in-class regulatory environment".

"We welcome the continued engagement and support of the firms establishing, or seeking to widen, their operations within ADGM, and those that wish to add digital assets to the collection of Abu Dhabi’s diversifying and deepening capital market.”