Publication
Regulation of fiat-backed stablecoins: the FSRA’s consultation paper on its “Fiat-Referenced Tokens” rules
On 20 August 2024, the Financial Services Regulatory Authority (the FSRA), the financial services regulator in the Abu Dhabi Global Market (the ADGM), published Consultation Paper No. 7 of 2024 (CP7) on a proposed regulatory framework for the issuance of stablecoins that are backed by a fiat currency, or what the CP7 refers to as “Fiat-Referenced Tokens” (FRTs).