Abu Dhabi Global Market (ADGM) has become a member of blockchain consortium R3, the first regulatory body in the Middle East and North Africa (MENA) to do so.
The membership will allow ADGM’s fintech team to gain access to emerging developments on blockchain technology.
Go deeper with GlobalData
It will also enable the Abu Dhabi regulator to facilitate dialogues, exchange best practices, and collaborate with industry institutions and other regulatory bodies on advanced technologies.
“Together with R3, ADGM aims to play a central role in connecting and bringing together the financial and banking authorities in the region to advance the collective goals of becoming FinTech innovation centres in their respective jurisdictions,” the regulator said.
Financial Services Regulatory Authority (FSRA) of ADGM CEO Richard Teng said: “This membership reinforces ADGM’s commitment and responsibility as an IFC and regulator that provides an efficient, competitive and transparent marketplace.
“We will be able to closely monitor blockchain developments and better assess the impact to financial market and the economy, as well as to develop effective RegTech solutions that benefit the financial industry.”
