Abu Dhabi Rise Device Recommendations for NFT Trading

Abu Dhabi rise device recommendations for NFT trading – On Monday, Abu Dhabi Global Market, Emirati Free Zone, published a consultancy paper – “Suggestions for Improving Capital Markets and Virtual Assets in ADGM.” The document contains draft guidance that includes, among other asset classes, Non-fungible token trading. The paper suggests that companies with a license from a free zone financial regulator; Allow them to facilitate NFT trading.

Along with the sections on traditional financial instruments, the document contains little more than a page on virtual assets and NFTs. In this section, the Free Zone Principal, a financial services regulator, describes NFTs as intellectual property; And not notable investments or financial instruments. It also enables versatile merchants and virtual asset custodians to operate in NFT markets. The document also states that transactions in NFTs may result in ADGM required to comply with anti-money laundering and sanctioning rules.

NFT Trading

As the document specifies at this stage, the FSRA does not offer a formal regulatory framework for NFTs. The consultation document is open for comment until May 20. Accordingly, stakeholders call to share their views on a few key questions. For example, what sort of Non-fungible tokens should be approved to trade in MTFs? Also, how will it be best to integrate third-party NFT registries?

ADGM is one of the three major free economic zones in the United Arab Emirates. It hosts virtual asset service providers and is the first to return to its regulatory base in 2018. However, last week it was another free zone in the United Arab Emirates; The Dubai Multi Commodities Center has become a title with the granting of newly legalized cryptocurrencies to Binance and FTX exchanges.