ADGM's FSRA publishes 2024 annual report, reflecting on year of growth, innovation
The report reflects on a year during which the FSRA advanced its objectives and regulatory priorities significantly, particularly in ensuring that its regulatory framework remained aligned to international standards and the critical area of financial crime prevention.
Innovation remained a central focus in 2024, especially in the area of digital assets, where the FSRA introduced a dedicated regulatory framework for fiat-referenced tokens (FRTs), a particular category of stablecoins.
The new regime sets clear standards on reserves quality, governance, and redemption rights to ensure financial stability and investor protection. By recognising FRT issuance as a regulated activity, the FSRA has reinforced ADGM's position as a leading hub for responsible financial innovation.
Of particular note were proposals to enhance the regulatory framework based on increased alignment with the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision (BCBS), subsequently implemented.
Alongside this, a comprehensive ADGM-wide whistleblowing framework was introduced to strengthen transparency and market integrity.
In the area of financial crime, the FSRA, alongside other authorities and ministries in the UAE, was instrumental in providing technical input that helped further enhance effective AML and Counter Financing of Terrorism (CFT) controls in the country. These efforts contributed significantly towards the removal in 2024 of the UAE from the Financial Action Task Force (FATF) grey list.
These key legislative and policy initiatives, amongst others, enhanced the regulatory landscape, ensuring resilience, transparency, and innovation within ADGM. Beyond this, the FSRA worked closely with domestic and international partners to shape sound regulation, promote cross-border cooperation, and support national policy objectives.
The year was again one of continuing growth for financial services in ADGM as the number of financial services firms licensed by the FSRA rose by 30% to 272 from a year earlier, the largest annual increase to date.
The report also highlights the FSRA's efforts to invest in talent development, including the Al Yah Programme for UAE nationals, which continues to combine technical training, soft skills development, and mentorship.
Looking forward, the FSRA remains focused on enabling sustainable financial growth, technological agility, and robust market confidence through innovation, collaboration and principled regulation.
Emmanuel Givanakis, CEO of the FSRA of ADGM, said, 'As we reflect on the key achievements of 2024, it is clear that the FSRA has made significant strides in enhancing the environment for financial services to thrive in ADGM. This is driven by our commitment to innovation and progressive regulation, whilst maintaining market integrity and investor protection. From streamlining our supervisory focus to continuing to enhance our regulatory framework, including for digital assets and sustainable finance, we have continued to build a trusted, risk-proportionate, and forward-looking regulatory environment. Looking ahead, we remain focused on deepening collaboration with stakeholders to ensure Abu Dhabi, and the UAE more widely, continues to thrive as a leading global financial hub.'
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