Latest news with #CorePrinciplesforEffectiveBankingSupervision
Fintech News ME
25-07-2025
- Business
- Fintech News ME
FSRA Licenses 272 Firms in 2024 Amid Key Regulatory Reforms
The Financial Services Regulatory Authority (FSRA) of ADGM has released its 2024 Annual Report, detailing key regulatory developments and reaffirming its role in maintaining a high-standard regulatory environment for financial services. The report outlines the FSRA's continued efforts throughout the year to ensure its framework remains consistent with international standards, with a particular emphasis on financial crime prevention. Notable progress was made in areas such as digital asset regulation, supervisory alignment, and institutional transparency. A significant development in 2024 was the introduction of a dedicated regulatory framework for fiat-referenced tokens (FRTs), a category of stablecoins. The framework outlines specific requirements on reserve quality, governance, and redemption rights to support financial stability and investor protection. By formally recognising FRT issuance as a regulated activity, the FSRA aims to support responsible financial innovation within the jurisdiction. The FSRA also implemented proposals to align its supervisory practices more closely with the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision. In parallel, a new whistleblowing framework covering the entirety of ADGM was introduced, aimed at improving transparency and market integrity. On financial crime, the FSRA collaborated with national authorities and ministries to provide technical input for strengthening the UAE's anti-money laundering (AML) and counter-financing of terrorism (CFT) regime. These contributions supported the UAE's successful removal from the Financial Action Task Force (FATF) grey list in 2024. These initiatives, among others, have contributed to a more resilient, transparent, and innovation-supportive regulatory environment in ADGM. The FSRA also engaged extensively with domestic and international partners to advance regulatory standards and promote cross-border cooperation. The number of financial services firms licensed by the FSRA grew by 30% year-on-year to 272, the highest annual increase recorded to date, reflecting continued expansion within ADGM's financial ecosystem. The report further highlights the FSRA's commitment to workforce development, particularly through initiatives such as the Al Yah Programme, which provides UAE nationals with technical training, soft skills development, and structured mentorship. Looking ahead, the FSRA states that it remains committed to supporting sustainable financial growth and maintaining market confidence through innovation and collaborative regulation. Reflecting on the year, Emmanuel Givanakis, CEO of the FSRA, said: '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.'
Zawya
25-07-2025
- Business
- Zawya
ADGM's FSRA publishes 2024 annual report, reflecting on year of growth, innovation
ABU DHABI, 24th July 2025 (WAM) -- The Financial Services Regulatory Authority (FSRA) of ADGM, the international financial centre of the capital of the UAE, has published its 2024 Annual Report, outlining the Authority's key regulatory achievements and underscoring its commitment to delivering a world-class regulatory environment for financial services. 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.'
Al Etihad
24-07-2025
- Business
- Al Etihad
ADGM's FSRA publishes 2024 annual report, reflecting on year of growth, innovation
24 July 2025 19:55 ABU DHABI (WAM)The Financial Services Regulatory Authority (FSRA) of ADGM, the international financial centre of the capital of the UAE, has published its 2024 Annual Report, outlining the Authority's key regulatory achievements and underscoring its commitment to delivering a world-class regulatory environment for financial 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 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 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 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 this, a comprehensive ADGM-wide whistleblowing framework was introduced to strengthen transparency and market 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 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 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 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 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.'
