The ADGM Financial Services Regulatory Authority (FSRA) published its 2024 annual report, outlining regulatory priorities and delivery across digital assets, alignment with international supervisory standards, and financial crime prevention, alongside continued expansion in the number of ADGM-licensed financial services firms. Digital asset innovation featured prominently, including the introduction of a dedicated regulatory framework for fiat-referenced tokens, a category of stablecoins, which sets standards for reserve quality, governance and redemption rights and treats issuance as a regulated activity. The report also notes proposals to enhance the banking regulatory framework through greater alignment with the Basel Committee on Banking Supervision’s Core Principles for Effective Banking Supervision, which were subsequently implemented, and the introduction of an ADGM-wide whistleblowing framework. On financial crime, the FSRA’s technical input into UAE anti-money laundering and counter-terrorism financing controls is cited as contributing to the UAE’s removal from the Financial Action Task Force grey list in 2024; meanwhile, the number of FSRA-licensed financial services firms rose 30% year on year to 272, the largest annual increase to date.

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