Emirate’s international financial center and free zone, Abu Dhabi Global Market (ADGM), published a consultation paper, which stated that it is open to NFT activities.
The paper titled “Proposals for enhancements to capital markets and virtual assets in ADGM” aims to seek views concerning reforms to the capital markets regulatory framework, including virtual assets and NFTs.
According to the paper, the Financial Services Regulatory Authority (FSRA) is open to NFT activities, which may include minting, buying, and trading. However, the NFT activities must not be classified as specific investments.
In the last 24 hours, bitcoin has been up by 5.0%, with a current price of $42,947.59 as of the time of writing this. Within 24 hours, bitcoin experienced a $40,842.45 low and $43,079.72 high. The trading volume of bitcoin in the last 24 hours is $29,871,718,756. The current market capitalization of bitcoin is $815,607,923,528. Currently, $18.98M bitcoins are in circulation.
Stats and Image from Coin Gecko
The paper also stated that multilateral trading facilities (MTF) can operate NFT marketplaces for trading NFTs.
The paper, which referred to NFTs as intellectual property, stated that they are not “intellectual property” and “t transactions in NFTs may also trigger the requirement to comply with the ADGM’s Anti-Money Laundering and Sanctions Rules (AML) Rules.”
The ADGM wishes to continue to play a thought leadership role in the NFT industry on a global scale said it is open to comments until May 20.
ADGM are seeking on what type of NFTs should be permitted to trade upon MFTs,) what trading/auction mechanisms might be envisaged? etc.