The ADGM Financial Services Regulatory Authority (FSRA) has published Consultation Paper No. 9 of 2025 proposing a regulatory framework to govern Regulated Activities involving Fiat-Referenced Tokens (FRTs) and seeking public feedback. The proposals build on the FSRA’s dedicated framework for the issuance of FRTs introduced in December 2024. 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 proposes rules for Authorised Persons that hold or control client FRTs. It also includes proposed amendments to requirements for Authorised Persons conducting the Regulated Activity of issuing an FRT. The consultation closes on 7 October 2025.
ADGM Financial Services Regulatory Authority 2025-09-09
ADGM Financial Services Regulatory Authority launches consultation on regulatory framework for regulated activities involving fiat-referenced tokens
The ADGM Financial Services Regulatory Authority has issued Consultation Paper No. 9 of 2025, proposing a regulatory framework for Regulated Activities involving Fiat-Referenced Tokens (FRTs) and seeking public feedback. The proposals expand the scope of Regulated Activities related to FRTs, outline rules for Authorised Persons handling client FRTs, and suggest amendments for those issuing FRTs.