The guidance takes into account the recent developments in crypto space:
- Stablecoins/fiat tokens: stablecoins that are fully backed by fiat currencies (fiat tokens) will be treated as a form of digital representation of money. Where used as a payment instrument for the purposes of Money Transmission as defined under the ADGM’s Financial Services and Markets Regulations 2015, the activity will be licensed and regulated as providing money services. The guidance also sets out the FSRA’s approach to regulating issuers, custodians and exchanges using fiat tokens.
- Custody: further clarity on the types of cryptoasset custody activities that can be undertaken, and setting out FSRA expectations in terms of custody governance and operations.
- Technology governance: further enhancements and clarifications are introduced, including in relation to changes in the underlying protocol of a cryptoasset that results in a fork (coding change), and the associated governance and control expectations for cryptoasset exchanges and licence holders.
- FSRA anti-money laundering and sanctions rules and guidance (AML): as the AML Rulebook applies entirely to the regulated activity of cryptoasset operators/holders, the guidance has been updated with the latest local and global changes, and provides further clarity on the use of new regulatory and surveillance technologies in this space.