"Regulating financial services" In Abu Dhabi International, it publishes its annual report for 2024

Abu Dhabi, July 24 / WAM / The Financial Services Regulatory Authority in Abu Dhabi International ADGM issued its annual report for 2024, reviewing its most prominent organizational achievements, and confirmed its commitment to providing a global regulatory environment for financial services.
According to a press release issued today, the report covers a full year, during which the Authority for Regulating Financial Services has made remarkable progress towards achieving its organizational goals and priorities, especially in ensuring the alignment of its organizational frameworks with international standards and providing an important space of its efforts to enhance the combating financial crimes.
The Authority emphasized that innovation remained a main focus of its focus in 2024, especially in the field of digital assets, as it offered a regulatory framework dedicated to fixed digital currencies supported by FRTS, which is a specific category in stable currencies, and the new system sets clear criteria for the quality of reserves, governance and recovery rights to ensure the protection of fixed -backed digital currencies. Paper, and through the classification of the issuance of fixed digital currencies supported by FRTS, as an organized financial activity, the Authority for Organizing Financial Services has strengthened its framework for digital assets, stating the international status of Abu Dhabi as a leading center for responsible financial innovation.
The report pointed to the proposals to enhance the organizational framework, by increasing the compatibility with the basic principles of effective banking control issued by the Basel Committee for Banking Supervision, and was later implemented, and besides, the comprehensive framework was launched to report violations at the Abu Dhabi Global level, with the aim of enhancing transparency and integrity.
In the field of financial crimes, the Authority for Organizing Financial Services cooperated with the relevant bodies and ministries in the country, contributing to an active role by providing technical inputs that helped enhance the effectiveness of controlling money laundering and terrorist financing controls.
These efforts greatly contributed to raising the name of the UAE from the gray list of the Financial Work Group “FATE” in 2024.
These legislative and organizational initiatives and others contributed to strengthening the organizational scene and ensuring flexibility, transparency and innovation in Abu Dhabi International.
The Financial Services Authority has worked closely with local and international partners to formulate strong organizational regulations, promote cross -border cooperation, and support national policies.
According to the report, another 2024 years of the continuous growth of the financial services sector in Abu Dhabi International, where the number of financial services companies licensed by the Authority of Financial Services Regulatory increased by 30% to 272 companies compared to the previous year, which is the largest annual increase recorded so far.
The report also sheds light on the framework of the efforts to organize financial services to invest in talent development, including the “Yah” program for Emirati citizens, and continues to combine technical training, developing personal skills and vocational guidance.
The Authority for Organizing Financial Services affirmed its continued focus on enabling sustainable financial growth, enhancing technological flexibility, consolidating confidence through innovation and cooperation and following an organizational approach based on firm principles.
Emmanuel Guevanakis, CEO of the International Financial Services Authority, ADGM, said: While we celebrate our most prominent achievements for the year 2024, we are proud of the great progress and great steps made by the Authority for Organizing Financial Services towards enhancing the prosperity of the financial services system in Abu Dhabi International, thanks to our steadfast commitment to organizational measures, stimulating innovation and promoting integrity.
He added: We succeeded in implementing important initiatives that strengthened the protection of investors and raised their level of confidence, and by simplifying the monitoring mechanisms and our continuous efforts to enhance our regulatory frameworks, including digital assets and sustainable financing, we continued to build a reliable, innovative and moderate organizational environment, and we look forward to our continued direction towards consolidating cooperation with the concerned authorities to ensure the preservation of the process of Abu Dhabi and the UAE’s prosperity and promotion Their position as a pioneering global financial center.

• For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related