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Tue 6 Nov 2018 02:46 PM

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Abu Dhabi's bourse publishes paper as it eyes crypto move

Abu Dhabi Securities Exchange issues a paper on infrastructure for crypto environments as it looks to manage the transition to more encrypted assets

Abu Dhabi's bourse publishes paper as it eyes crypto move
ADX said it aims to "identify the technical and operational criteria required to issue crypto-assets".

Abu Dhabi Securities Exchange (ADX) has announced the issuance of a paper on infrastructure for crypto environments as it looks to manage the transition from conventional assets to more encrypted assets.

The "thought paper" has been issued in cooperation with the Central Securities Depositories and under the patronage of the International Securities Service Association (ISSA), state news agency WAM reported on Tuesday.

ADX said it aims to "identify the technical and operational criteria required to issue crypto-assets, as well as provide a reliable reference to support financial institutions in managing the transition of the issuance of traditional and crypto-assets".

Rashed Al Blooshi, chief executive of ADX, said: "ADX continues its efforts to manage the transition from conventional assets to more encrypted assets, which are witnessing major and rapid development in the region."

Al Blooshi highlighted the importance of upgrading financial market infrastructure and incorporating standards of governance within their systems to prevent market fragmentation, increase investor confidence and raise the quality of its infrastructure.

"Financial market infrastructure plays a pivotal role in supporting crypto markets, offering investor protection, preventing market fragmentation, as well as making it possible for financial institutions to provide advanced services in the field of crypto-assets," he said.

"At ADX, we embrace new and innovative technology and are always looking to capitalise on advancements in FinTech; particularly in crypto-assets to optimise the benefits we offer to our investors and stakeholders," he added.

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