In this episode of The Riffle, we unpack the Proposed Regulatory Framework for Fiat-Referenced Tokens (FRTs) released under Consultation Paper No. 9 of 2025 by the Financial Services Regulatory Authority (FSRA) of ADGM.

You’ll learn how the framework builds on the 2024 Amendments, introduces a regulator-led approval process for “Accepted FRTs,” and expands regulated activities to cover custody, payment services, and the newly proposed FRT Intermediation activity.

We also break down the five key criteria for foreign FRTs, the new Safe Custody and AML/KYC requirements, and the proposed fee structure and issuance rules — including the prohibition on Dirham-denominated FRTs.

If you’re a compliance professional, financial services provider, or simply curious about how stablecoins are being integrated into ADGM’s ecosystem, this episode gives you the clarity you need.

Presented by 10 Leaves