According to an official announcement, The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) is preparing a set of regulations for ICOs, digital currencies, and cryptocurrency exchanges.
According to the announcement, the FSRA is going to cooperate with relevant qualified institutions. The date of release of expected regulations is not indicated.
Previously, the financial regulator issued a warning about the risks of cryptocurrencies and ICOs. After that, the FSRA started considering developing its own set of regulations.
In the announcement, The FSRA noted that cryptocurrencies, although not legal tender, are gaining interests globally as a medium of exchange for goods and services. However, there are risks and concerns due to the increasing incidents of cyber attacks and cybercrime. Several countries such as Australia, the EU, Japan, Singapore and the UK have introduced or proposed regulations to address such risks.