Middle East/ADGM/Comparables
Abu Dhabi Global Market
FSRA
A financial-centre statute, not a city brand. FSRA authorises virtual-asset activities and maintains an accepted-virtual-asset list. Accepted status is a dated FSRA fact, not a property of a ticker. Not VARA, not DFSA.
Seat
Abu Dhabi
Regulator
FSRA
Key list
AVA
Similar regulation
The statute book
Primary instruments, with the RCA job each one actually does. Links open the official text.
- In force
Authorised-person + accepted-virtual-asset filter
Translation
Rule 100–500 map
| RCA | Peer | Fit | Desk |
|---|---|---|---|
| Rule 100 | Virtual asset / accepted virtual asset | Partial | AVA status is a permission to intermediated trading, not a Howey conclusion. |
| Rule 300 | FSRA-authorised offering / market activity | Partial | Financial-services permission, not a Securities Act exemption. |
| Rule 500 | No passport to mainland or DIFC | No analogue | Centre-only. |
Analysis
What the file is
ADGM’s FSRA treated virtual assets as a financial-services matter early (2018) and has iterated a framework that combines intermediary authorisation with an accepted-virtual-asset filter. Spot-trading a token inside ADGM that is not accepted is the compliance failure; calling a token “ADGM regulated” because a sister entity has an FSRA licence is the marketing failure.
Research
The record
- Check the current accepted-virtual-asset list, dated. Do not screenshot a 2023 PDF.
- FSRA guidance on custody, capital and disclosures is the intermediary file. RCA still does not write one.
Ideation
What to file
- AVA lists are a product-filter model the Commission could have used instead of (or on top of) investment limits. If you want product filters in Rule 300, ADGM is a cleaner cite than a US state blue-sky merit review.
Analysis
What the file is
ADGM’s FSRA treated virtual assets as a financial-services matter early (2018) and has iterated a framework that combines intermediary authorisation with an accepted-virtual-asset filter. Spot-trading a token inside ADGM that is not accepted is the compliance failure; calling a token “ADGM regulated” because a sister entity has an FSRA licence is the marketing failure.
Related RCA sections
Primary sources on file
FSRA Virtual Asset Framework
Abu Dhabi Global Market / FSRA/25 Jun 2018/RCA review 30 Jul 2026
Primary regulatory
RCA publishes source-linked intelligence for professionals. Nothing here is a token-buying call, a legal opinion, or an “approved / safe / regulated” badge. Every material claim is dated. Incomplete files stay incomplete.