Financial Authority of Abu Dhabi to Regulate Crypto and ICO

The Financial Authority of Abu Dhabi is considering the development of a regulatory framework to regulate virtual currency activities    
12 February 2018   987

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.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   98

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.