Crypto Orders for Financial Free Zone set in Abu Dhabi

Abu Dhabi’s regulator for international financial center and free zone has set framework that will include spot crypto services, custodians and intermediaries
28 June 2018   1445

In order to make the marketplace for cryptocurrency firms secure, the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) - the country capital’s international financial center and free zone - has instituted its ‘crypto asset regulatory framework’ for firms working in the zone. As declared in the ADGM statement, the start follows a public consultation, with local and global respondents that were finished by ‘several refinements’ of the framework before its release.

The FSRA has addressed issues around consumer protection, safe custody, technology governance, disclosure/transparency, Market Abuse and the regulation of Crypto Asset Exchanges in a manner similar to the regulatory approach taken in relation to securities exchanges globally.
FSRA
Excerpt from the Regulations

In the whole, the FSRA has ranked cryptocurrencies, or “crypto assets” as commodities. Security tokens published will be subject to relevant regulatory requirements while ‘utility tokens’ will also be estimated as commodities. Any off-shoot funds, derivatives or tokens will be regulated as ‘Specified Investments’ under the Financial Services and Markets Regulations.

We are encouraged by the significant global and regional interest from exchanges, custodians, intermediaries and other institutions to our crypto spot regulatory framework. Globally, responsible crypto asset players are seeking a regulatory regime upholding high standards that foster market confidence…Our engagement with fellow global regulators also validated our position that the key risks highlighted have to be addressed for crypto assets to be more widely accepted and institutionalised.
Richard Teng
FSRA of ADGM Chief 

In accordance to the new regulations, operators looking to institute a new exchange will be demanded to pay an initial authorization fee of $125,000 and an annual fee of $60,000. Crypto custodians like wallet companies will have to cough up $20,000 initially and $15,000 per year.

China to Finance Hacker Attacks on Exchanges, - FireEye

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period
08 August 2019   276

The hacker group APT41 attacks companies in the areas of healthcare, telecommunications, fintech, media, and cryptocurrency exchanges. This activity is funded by the Chinese government, according to analysts of cybersecurity company FireEye.

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period.

Industries Targeted by APT41
Industries Targeted by APT41

At the same time, APT41 pursues its own goals, extracting financial benefits from attacks, which is unusual for other groups under the Chinese government, according to FireEye.

APT41 is known to include at least two people with the pseudonyms Chzan Xuiguan and Wolfji. The group probably has connections with other hacker organizations like BARIUM and Winnti.

FireEye also evaluated at what time of the day the APT41 attacked the gaming industry (its core target) and businesses from other areas. It turned out that this was happening outside the framework of a standard working day - probably these people, among other things, have the main job.

APT41 Operational Times
APT41 Operational Times

According to the UN Security Council, hackers under the DPRK government stole about $ 2 billion from banking institutions and cryptocurrency exchanges.