ADGM showcases latest regulatory enhancements at ADFW

According to Amac News: These developments include a comprehensive framework for issuing fiat reference tokens (FRT) in ADGM, which expands the range of digital assets available in a regulatory environment.
In addition, guidance on IT risk management and a consultation document on proposed updates to the virtual assets framework were published.
The regulatory framework introduced for FRTs supports their issuance and expands the range of digital assets in a secure and regulatory environment.
Developed after extensive industry consultations, the framework includes key components such as strict requirements for reserve assets, governance measures, transparency in disclosures, safeguards and clear rights to redeem tokens.
By designating FRT issuance as a specific regulatory activity, the framework ensures that high standards must be met by FRT issuers.
The FSRA's guidance on IT risk management reinforces its regulatory approach and provides insights into the critical aspects of sound and robust IT risk management. It also highlights the importance of IT risk in business operations.
The guidance also introduces measures such as comprehensive rules on standard incident reporting and the introduction of regulatory technology (RegTech) solutions. These measures are designed to strengthen IT resilience and ensure compliance with evolving technological and regulatory requirements.
A consultation document proposing amendments to FSRA's regulatory framework for virtual assets (VA) was also announced at ADFW. These changes seek to refine VA's admissions processes to ADGM, improve capital requirements and fees, and address emerging business models such as staking.