The emirate’s special economic zone might grant licensed exchanges the right to trade nonfungible tokens.
Abu Dhabi Global Market (ADGM), the emirate’s free zone, published a consultation paper on March 21 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 (NFT) 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 (FSRA), describes NFTs as intellectual property rather than “specified investments or financial instruments.” It also proposes to allow multilateral trading
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