Abu Dhabi financial services regulator revises crypto asset regulatory framework

The Abu Dhabi Global Markets (ADGM) Financial Services Regulatory Authority (FSRA) has revised the crypto asset regulatory framework by changing the term "cryptographic assets" to "virtual assets". FATF) uses more consistent terminology. The FSRA has also revised the current regulations to no longer classify the applicable rules regarding crypto companies as "operating crypto asset business", but to use crypto activities as the basis for regulated activities for corresponding supervision. In addition, Abu Dhabi has also standardized the way blockchain startups raise funds. The FSRA also approved the Arab Bourse to operate crypto-related businesses.