ADGM’s Financial Services Regulatory Authority (FSRA) reported a 30% rise in licensed financial services firms in 2024, reaching 272 entities, its largest annual increase to date, according to its latest annual report published on 24 July.
The FSRA’s 2024 priorities included expanding regulation of digital assets, aligning supervisory standards with global norms, and advancing anti-money laundering (AML) and counter-terrorism financing (CFT) efforts.
A major policy step included the introduction of a regulatory framework for fiat-referenced tokens (FRTs), a form of stablecoins. The framework sets out standards for reserve quality, governance, and redemption mechanisms, and classifies FRT issuance as a regulated activity.
The FSRA also implemented proposals aligning its banking oversight with the Basel Committee’s Core Principles for Effective Banking Supervision. In parallel, it introduced a financial centre-wide whistleblowing framework to support transparency and reporting integrity.
On financial crime prevention, the FSRA provided technical input into the UAE’s national compliance measures, which contributed to the country’s removal from the Financial Action Task Force’s grey list in 2024.
Internationally, the FSRA continued coordination with global regulatory bodies and governments, aiming to bolster cross-border collaboration and policy coherence.
Internally, the regulator expanded its talent pipeline through the Al Yah Programme, which focuses on developing UAE national expertise through technical training, soft skills development, and mentorship.
Looking ahead, the FSRA said it will prioritise sustainable finance frameworks, technological regulation, and market stability. Emmanuel Givanakis, CEO of the FSRA, said the authority remains committed to a risk-based regulatory approach while supporting Abu Dhabi’s broader positioning as a global financial hub.
ADGM continues to play a central role in the UAE’s financial services strategy, with Abu Dhabi pushing to diversify its economy and attract global capital through a regulated environment for fintech and digital finance.
