Earlier this month, the Financial Services Regulation Authority of the Abu Dhabi Global Market joined the ranks of various regulatory agencies from countries, including Australia, Canada, and the United States that have addressed ICOs, by issuing Supplementary Guidance on the regulation of ICOs and virtual currencies. The Guidance offers parameters for classifying, for legal and regulatory purposes, various types of digital assets. The Guidance is generally consistent with the product-and activity-based regulation approaches of the United States and the European Union.
Type: Client Alerts
The increasing popularity of cryptocurrency sales and “initial coin offerings” (“ICOs”) has been an active area of concentration globally for financial regulators and self-regulatory organizations.1 Lawmakers and regulators in every region are considering whether cryptographic assets, known as “tokens” or “coins,” are novel propositions requiring new regulatory regimes or fit squarely into existing legal and regulatory architectures.