UAE equated NFT tokens with cryptocurrencies
The Abu Dhabi Global Market has developed new guidance on the regulation of non-fungible tokens
22.03.2022 - 09:00
613
2 min
0
The Abu Dhabi Global Market has developed new guidance on the regulation of non-fungibletokens.
What’s new? The Abu Dhabi Global Market (ADGM), the UAE’s international financial hub, has published guidance on NFT regulation. According to the document, licensed companies will be able to trade and store non-fungible tokens under the rules for cryptocurrencies. The companies will have until May 20 to propose improvements and edits to the new project.
What do the government’s representatives say about the guidance? Simon O’Brien, executive director of the Financial Services Regulatory Authority (FSRA), said that for companies that comply with existing regulations, the changes will not be noticeable.
He also stated that licensed cryptocurrency companies will be able to establish an unregulated branch within the ADGM rules for NFTs trading. O’Brien clarified that the parent company will be responsible for all operations.
Emmanuel Givanakis, the UAE free zone’s CEO, claims that the Emirates will “gradually” regulate non-fungible tokens. He added:
“NFTs themselves are not financial instruments, they’re comparable to a piece of art. If there’s a derivative built around them, then yes, then they become a financial instrument.”
Earlier it was reported that the Binance exchange received a license to trade in Dubai and Bahrain, the same day FTX was granted permission to operate.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$88 277
BTC
-1.82%
-
Ethereum
$3 077.13
ETH
-3.92%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Dogecoin
$0.371336
DOGE
-3.9%
-
Ripple
$0.821354
XRP
+18.06%
-
Cardano
$0.593757
ADA
+4.13%
-
Bitcoin Cash
$420.36
BCH
-2.71%
-
Polkadot
$4.83
DOT
-3.93%
-
Litecoin
$81.67
LTC
+8.51%
-
Stellar XLM
$0.134761
XLM
+9.71%