The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), the international financial center of the capital of the UAE, has released its 2024 Annual Report, outlining the Authority's key regulatory and operational achievements while reiterating its commitment to delivering a world-class environment for financial services.
Objectives
The Annual Report highlights the FSRA's achievements in relation to its strategic objectives:
- Innovation
- Efficient and Safe Markets
- Growth Through Sound Regulation and Cooperation
- Building the Future
Innovation
Innovation remained the central focus of 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 recognizing FRT issuance as a regulated activity, the FSRA has reinforced ADGM's position as a leading hub for responsible financial innovation.
Growth
In 2024, 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, exhibiting progressive and consistent growth for financial services in ADGM.
Combatting Financial Crime
The FSRA, alongside other authorities and ministries in the UAE, played an important role in providing technical input that aided in further enhancing the effective Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) controls in the country. These efforts contributed significantly towards clearing the UAE from the Financial Action Task Force (FATF) grey list.
Leadership Insights
Emmanuel Givanakis, CEO of the FSRA, 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. 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."
H.E. Ahmed Jasim Al Zaabi, Chairman of ADGM, added "Globally, institutions and investors increasingly view Abu Dhabi as a preferred destination, drawn by its business-friendly environment, robust infrastructure, and the clarity, certainty, and strength of its regulatory framework. Abu Dhabi's forward-thinking approach has attracted global market participants, technology pioneers, and established regional and international firms that see it as a gateway to opportunities across the Middle East, Africa, Asia, and beyond."
Looking forward
The FSRA remains focused on enabling sustainable financial growth, technological efficiency and deepening collaboration to ensure Abu Dhabi, and the UAE more widely, continues to thrive as a leading global financial hub.
This blog is for informational purposes only and does not constitute legal or regulatory advice. The information provided has been compiled from publicly available sources, and while we have made every effort to ensure its accuracy and relevance at the time of publication, we do not guarantee its completeness or applicability to specific situations. Readers are encouraged to seek independent professional advice before making any decisions based on the content herein.
