The ADGM Financial Services Regulatory Authority (FSRA) has finalised amendments to its regulatory framework to govern Regulated Activities involving Fiat-Referenced Tokens (FRTs), following industry engagement on Consultation Paper No. 9 of 2025. The package sets out the FSRA’s approach to “accepting” FRTs for use in ADGM, expands the scope of Regulated Activities that may be carried on in relation to FRTs, and introduces rules for Authorised Persons that hold or control Client FRTs. It also amends certain requirements applicable to Authorised Persons that carry on the Regulated Activity of issuing an FRT, alongside related changes to the FSRA Rules and FSRA FEES Rules. The FSRA intends to issue further guidance on the framework, and the amendments will take effect from 1 January 2026.
ADGM Financial Services Regulatory Authority 2025-10-31
ADGM Financial Services Regulatory Authority finalises regulatory framework for fiat-referenced token activities effective 1 January 2026
The ADGM Financial Services Regulatory Authority has finalized amendments to its regulatory framework for Regulated Activities involving Fiat-Referenced Tokens (FRTs), following industry consultation. The changes expand the scope of activities related to FRTs, introduce rules for Authorised Persons handling Client FRTs, and amend requirements for issuing FRTs. Further guidance will be issued, with the amendments effective from 1 January 2026.