a consultation paper on Monday titled “Proposals for enhancements to capital markets and virtual assets in ADGM.” The document contains draft guidelines that, among other asset classes, cover nonfungible token trading. The paper proposes that companies with a license from the free zone’s financial regulator be allowed to facilitate NFT trading.
Along with sections dedicated to traditional financial instruments, the document contains a little more than a page on virtual assets and NFTs. In this section, the free zone’s chief regulator, the Financial Services Regulatory Authority , describes NFTs as intellectual property rather than “specified investments or financial instruments.” It also proposes to allow multilateral trading facilities and Virtual Asset Custodians to operate NFT marketplaces.
At this point, as the document specifies, FSRA is not proposing a formal regulatory framework for NFTs. The consultation paper is open for comment until May 20, and encourages stakeholders to share their thoughts on several major questions, for example, “What types of NFTs should be permitted to trade upon MTFs?” and “How would it be best to integrate third-party NFT registries?”
Source: Digital Coin News (digitalcoinnews.net)
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