TechFlow news — The Abu Dhabi Global Market (ADGM) regulator released guidelines on NFTs in a consultation paper on Monday, aiming to bring digital assets into its regulatory ecosystem. The document states that ADGM’s Financial Services Regulatory Authority (FSRA) currently "does not propose to establish a formal regulatory framework for NFTs." Simon O'Brien, Executive Director of Market at FSRA, said that under the draft proposals, companies licensed and regulated by ADGM for services such as trading and custody will also be able to offer these services for NFTs. They may set up a new unregulated entity within ADGM, outsourcing regulated activities like custody and client access to licensed firms. The paper also introduces new rules on public key management and risk disclosure for virtual asset service providers. O'Brien noted the consultation is open for public feedback until May 20, with "a significant number of companies" already expressing interest in responding. ADGM was one of the first jurisdictions to launch a comprehensive regulatory framework for virtual assets back in 2018.
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