The Financial Services Regulatory Authority (FSRA) of ADGM has released Consultation Paper No. 9 of 2025, setting out a proposed regulatory framework for Regulated Activities involving Fiat Referenced Tokens (FRTs) and inviting public feedback on the proposals.

The proposals build on the regulatory framework for the issuance of FRTs introduced by the FSRA in December 2024.

They outline the FSRA’s approach to the acceptance of FRTs for use in ADGM, expand the scope of Regulated Activities that may be carried out in relation to FRTs, and set out Rules for Authorised Persons that hold or control FRTs on behalf of their Clients.

The paper also proposes amendments to the requirements currently applicable to Authorised Persons engaged in the Regulated Activity of issuing an FRT.

The consultation will remain open until October 7 2025, and the materials are available here: Consultation Paper No. 9 of 2025, Proposed Regulatory Framework for Regulated Activities Involving Fiat Referenced Tokens.

Featured image credit: ADGM