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.”
Featured image credit: ADGM
