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Abu Dhabi Regulators Thinking About Cryptocurrency Framework

Suraj

February 12, 2018

Finance

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Regulator of Abu Dhabi is considering to develop a supervisory framework for the cryptocurrency industry, a step which cam move intermediaries and exchanges into the financial zone.

Breakdown

On Sunday in an announcement, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market said that they are, “reviewing and considering the development of a robust, risk-appropriate regulatory framework to regulate and supervise activities of virtual currency exchanges and intermediaries.”

If it established, this move will establish the international financial sector as friendlier shores for cryptocurrency exchanges and firms.

FSRA said looking at the rising popularity of the cryptocurrency they will apply anti-money laundering and know your customer ( KYC ) regulation for dealing in cryptocurrency.

 

The FSRA mentioned their concerns about using of cryptocurrencies in money illegal activities like laundering and terrorist financing, and even cyber attack. They said they will draft the framework to overcome these barriers.

FSRA also admitted that “virtual currencies, although not legal tender, are gaining interest globally as a medium of exchange for goods and services.”

Further FSRA cautioned that before regulatory framework takes place, investor and exchanges should contact the agency for discussion and inputs on proper treatment of crypto transactions

Meanwhile, Central Bank of UAE and Saudi Arabia working together to develop their own cryptocurrency to use it for cross-border payment based on blockchain technology.

 

Image Source : Google

 

 

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