The Abu Dhabi Free Zone is looking for feedback on the new NFT rules

Depricated as of Oct 2022

Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!

Have a great day,
CRYPKYP Team

The Abu Dhabi Free Zone is looking for feedback on the new NFT rules

The Abu Dhabi Free Zone is looking for feedback on the new NFT rules
The Abu Dhabi skyline (Nick Fewings/Unsplash)
Source: CoinDesk
1647950306 22 Mar / 11:58

The Abu Dhabi Global Market (ADGM), a financial hub and free zone in the emirate, has issued recommendations on non-fungible tokens (NFT) in a consultation document as part of its efforts to integrate digital assets into its regulatory ecosystem.

  • According to the paper released Monday, the ADGM’s Financial Services Regulatory Authority (FSRA) “is not proposing to develop a formal regulatory framework for NFTs” at this time.
  • Firms that are licensed and regulated by ADGM in services such as trading and custody would be permitted to offer them for NFTs, according to the draft proposals, according to Simon O’Brien, executive director for markets at the FSRA.
  • “Right now, the way we’re attempting to accomplish that is to gradually integrate people into our ecosystem,” the free zone’s CEO, Emmanuel Givanakis, told CoinDesk. According to Givanakis, the regulator began investigating into NFTs at least six months ago.
  • Little will change for regulated businesses that follow the regulations, according to O’Brien. According to him, they may create a new non-regulated organization within ADGM to engage with NFTs and outsource regulated services like custody and client onboarding back to the licensed firm.
  • The document is open for discussion until May 20, and “quite a few firms” have already expressed an interest in responding, according to O’Brien.
  • “NFTs themselves are not financial tools,” Givanakis added, comparing them to a work of art. “If a derivative is formed around them, yeah, they become a financial instrument,” he explained.
  • New standards for public key management and risk disclosures for virtual asset service providers were also proposed in the study.
  • In 2018, ADGM was one of the first jurisdictions to release a comprehensive virtual asset regulatory framework.
In the Metaverse: This Japanese Startup Wants You To Feel Real-World Pain In the Metaverse: This Japanese Startup Wants You To Feel Real-World Pain next
Ray Dalio’s Bridgewater Investing in Crypto Fund: Sources Ray Dalio’s Bridgewater Investing in Crypto Fund: Sources prev
Last News and Media
Ethereum Reversible Transactions Researchers believe that reversible transactions might reduce crypto theft The proposal was drafted by Stanford blockchain researchers Wang, Dan Boneh, and Qinchen Wang, describing “opt-in token standards that are siblings to ERC-20 and ERC-721,” designated ERC-20R and ERC-721R. Wang explained that ...
Disney and NFTs Disney is looking for a corporate attorney for “emerging technologies” and NFTs Other responsibilities include “due diligence for NFT, blockchain, third-party marketplace, and cloud provider initiatives,” giving regular legal counsel on cryptocurrency and digital currency-related ...
Ryan Selkis Messari According to Messari, CEO: “Bear Markets Are Good for Cleaning House” Selkis noted that multiple officials, including representatives from the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ), were included as speakers at this year’s conference and that their presence reflects a ...
SEC Bringing Crpyto Down According to LBRY’s CEO, the SEC is “out to harm or annihilate the crypto sector in the United States Kauffman stated that the firm has “fought the SEC for close to five years” and is awaiting a federal judge’s decision on whether a full trial is warranted. According to him, the judgment would have far-reaching ...
Crypto Market Down Fed announces a 75-basis-point rate rise; Bitcoin falls 6.5% in response Against the scorching payroll, statistics revealed a gain of 528,000 jobs in July, which was more than double what analysts had anticipated, the pressure was on for another “jumbo rise.” Since then, dollar strength has ...
CRYPKYP contain links to third-party websites, resources, and advertisers. CRYPKYP does not control, sponsor, recommend or otherwise accept responsibility for any third-party content because we are not responsible for the availability of these outside resources or their contents or privacy practices. It will help if you direct any concerns regarding any third-party content to such a third party. We don't accept responsibility for the content of external websites linked to through the Site or the Services. Third-party content is accessed at the user's own risk. CRYPKYP distributes content from third-party publishers as indicated on the site from time to time mainly in Airdrops, News / Media, Whale Alerts, and Rumors. In these circumstances, CRYPKYP only provides limited stylistic input to the content. CRYPKYP does not verify and takes no responsibility for the accuracy of the content provided by any such third-party publishers.
crypkyp.com