UAE: Abu Dhabi Global Market Issues Guidance on Initial Coin Offerings and Virtual Currencies

On October 9, 2017 the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) published guidance on its approach to initial coin/token offerings (ICOs) and virtual currencies under the Financial Services and Markets Regulations (FSMR).  

The FSRA has developed the guidance on ICOs and virtual currencies to clarify its regulatory approach on using such technology for fundraising and investment. It also sets out that virtual currencies are to be treated as commodities, and advises caution due to their price volatility.

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