The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has released its 2024 annual report, highlighting key regulatory achievements and reaffirming its commitment to providing a world-class financial regulatory environment.
According to the press release, FSRA made notable progress throughout the year, particularly in aligning its frameworks with international standards and enhancing efforts to combat financial crime.
Innovation remained a core focus, especially in the digital assets space. FSRA introduced a dedicated regulatory framework for fiat-referenced tokens (FRTs)—a class of stablecoins—setting clear standards for reserves, governance, and redemption rights to protect users. By classifying FRT issuance as a regulated activity, FSRA further strengthened ADGM’s position as a global hub for responsible financial innovation.
The report also outlines proposals to align more closely with Basel Committee principles for effective banking supervision, many of which were later adopted. Additionally, ADGM launched a comprehensive whistleblower framework to promote transparency and integrity.
FSRA worked closely with UAE authorities to combat financial crime, contributing technical insights that enhanced anti-money laundering and counter-terrorist financing measures. These efforts played a key role in removing the UAE from the FATF grey list in 2024.
The year also marked record growth, with licensed financial firms rising by 30% to reach 272—ADGM’s highest annual increase to date.
Talent development remained a priority, highlighted by the Yah Programme for Emirati professionals, combining technical training with mentorship and personal development.
CEO Emmanuel Givanakis expressed pride in the Authority’s achievements, noting that FSRA continues to foster a trustworthy, innovative, and low-risk regulatory ecosystem that supports Abu Dhabi’s position as a leading global financial center.