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Blockchain

Abu Dhabi Global Market to Permit Licensed Exchanges Trade NFTs

The Abu Dhabi Global Market (ADGM) is constructing out a regulatory framework which will make buying and selling platforms or exchanges which have licenses to function throughout the free commerce zone to commerce Non-Fungible Tokens (NFTs).

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The Emirati free commerce zone published a session paper earlier this week titled “Proposals for enhancements to capital markets and virtual assets in ADGM,” which amongst different issues covers NFTs.

“The FSRA recognizes the growing relevance of NFT markets within the wider markets for digital assets. NFTs, being akin to intellectual property rights over unique creations, may not themselves constitute Specified Investments or Financial Instruments. While the FSRA is not proposing to establish a formal regulatory framework for NFTs at this point in time, the FSRA is open to NFT activities,” the session paper reads.

According to the proposed tips, any buying and selling agency that’s licensed by the ADGM and desires to conduct or facilitate NFT buying and selling ought to achieve this with full compliance with Anti-Money Laundering (AML) guidelines. 

“ADGM firms, whether conducting Regulated Activities or not, should also be aware that transactions in NFTs may also trigger the requirement to comply with the ADGM’s Anti-Money Laundering and Sanctions Rules (AML) Rules, including, but not limited to the requirement to register with the FSRA as a Designated NonFinancial Business or Profession (DNFBP),” the ADGM wrote within the paper.

Abu Dhabi regulators have typically maintained a optimistic stance towards the rising digital foreign money ecosystem and the know-how powering these asset courses. Back in October 2019, the capital metropolis unveiled its intentions of placing its land registry system on the blockchain, pioneering the embrace of blockchain know-how within the Middle East on the time.

The transfer to allow buying and selling platforms to commerce NFTs comes off as one of many forward-thinking strikes of the ADGM that promised to “continue to monitor market developments and ensure that ADGM continues to play a thought leadership role, both regionally and globally.”

Image supply: Shutterstock

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