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The Financial Services Regulatory Authority (FSRA), the financial watchdog of Abu Dhabi Global Market.Six guiding principles for its strategy of virtual asset regulation and supervision were only just revealed. The FSRA claims that although though the principles are not required by law, they should be seen as an addition to the comprehensive depth of our established framework.“Unifying Foundation for Regulatory Cohesion Across Jurisdictions”United Arab Emirates (UAE)-based financial hub and international free zone Abu Dhabi Global Market (ADGM) recently published six guiding principles for virtual asset regulation and supervision. The Financial Services Regulatory Authority (FSRA), which oversees the UAE’s financial sector, published the principles. They are designed to encourage cooperation with other regulatory organisations both inside and outside the UAE that share similar goals.The FSRA states that the principles should be “viewed as a complement to the extensive depth of our published framework,” even if they are not legally obligatory. The regulator claims that the six principles might serve as the foundation “for regulatory consistency among jurisdictions.”The principles are a reflection of the regulator’s risk appetite in the regulatory domains in addition to “offering an accessible view” of the FSRA’s goals in this area.“Each principle is a declaration of the FSRA’s risk tolerance in the areas of authorization, oversight, enforcement, and international cooperation. When viewed as a whole, these expectations are calibrated to provide the right balance between client protection, ecosystem trust, risk sensitivity, and drawing new rivals, the regulator added.High Standards for AuthorizationThe construction of “a robust and transparent risk-based regulatory framework” is required by the FSRA’s first principle, as can be seen in the document detailing the fundamental characteristics of each method to regulating virtual assets. On the one hand, such a framework “should introduce a clear taxonomy defining VAs (virtual assets) as commodities within the broader digital asset universe and necessitates the licencing of businesses engaging in regulated activities that employ VAs inside ADGM.”Licensed virtual asset entities, on the other hand, should have the “same regulatory standing inside ADGM as any other licenced entity” under the same framework.The second tenet demands that while providing authority, strict standards be upheld. The FSRA claims that another important consideration that should direct virtual asset regulation is the prevention of financial crime and money laundering. Another concept that should direct the regulators is a commitment to using enforcement mechanisms when licenced firms violate regulations.Get more crypto related updates on :-<a href="https://www.coingabbar.com/en/crypto-news-english" rel="noopener noreferrer nofollow"> https://www.coingabbar.com/en/crypto-news-english</a>

Virtual Asset Regulation is Announced by the Financial Markets Authority of Abu Dhabi

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