ADGM moots digital currency regulatory regime

Dubai: The Abu Dhabi Global Market said its regulatory authority, the Financial Services Regulatory Authority (FSRA), is reviewing and considering the development of a regulatory framework to regulate and supervise activities of virtual currency exchanges and intermediaries.

“In considering such a framework, the FSRA intends to consult and work closely with industry participants and relevant professional bodies,” the ADGM said in a statement.

The FSRA notes that virtual currencies, although not legal tender, are gaining interest globally as a medium of exchange for goods and services. However, there are risks and concerns, the ADGM statement added.