The regulator of Abu Dhabi’s international financial center announced that they will be creating new rules for exchanges handling virtual currencies that are allowing trade in cryptocurrencies.
It’s important to mention that The FSRA first issued a “Guidance” on its regulatory approach to ICOs and virtual currencies under the Financial Services and Markets Regulations (FSMR) back in October 2017.
The Guidance confirms that ICOs comprising tokens which exhibit the characteristics of Specified Investments shall be regulated as such within FSRA’s regulatory framework. It also set out that virtual currencies are treated as commodities, where the derivatives trading of virtual currencies is regulated under the FSMR while spot trading of virtual currencies is not. Of course there was a caution advised, to consumers seeking bigger investment returns from trading in virtual currencies due to their price volatility.
The FSRA noted that virtual currencies, although not legal tender, are gaining interests globally as a medium of exchange for goods and services. “However, there are risks and concerns. Given the anonymous and cross-border nature of virtual currency transactions, they are particularly vulnerable to money laundering and terrorist financing risks, as well as other financial crimes. Incidents of cyberattacks and ...
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