20 years in Abu Dhabi | Episode 2 | Virtual Assets in the ADGM

This second episode of our Abu Dhabi anniversary podcast series and brings together hosts Barkha Doshi and Afreen Abedin with guest Arushi Goel. Arushi has worked across regulation, markets and digital assets for more than a decade, and she helps break down how the Abu Dhabi Global Market’s regulatory framework has shifted as the virtual assets market has grown.

The conversation looks at how the Financial Services Regulatory Authority (FSRA) has broadened its approach since 2018, moving from adapting existing financial rules to building a more complete regime that now covers stablecoins, tokenisation and decentralised ledger foundations, alongside consultations on areas such as staking and crypto mining. We see how this gives firms clearer guardrails so they can build with confidence in a market that continues to evolve at pace.

The speakers explore how this maturing framework mirrors the changing mix of firms entering the market. What began with trading venues has expanded to include global exchanges, regional and international stablecoin issuers, banks, custodians and capital markets firms. They also walk through how the wider UAE regulatory structure works in practice, from federal authorities to the financial free zones in Abu Dhabi and Dubai and the dedicated Virtual Assets Regulatory Authority (VARA). By comparing where these different regimes align and diverge, the episode helps firms understand where their activity sits and how to choose a regulatory route that supports their risk appetite and commercial aims. 

Barkha, Afreen and Arushi also look at how the FSRA encourages innovation while still protecting the market. They talk through the regulator’s early engagement on tokenisation platforms, decentralised finance and blockchain infrastructure, and how consultations and sandbox testing allow firms to test new ideas safely.

Cyber resilience takes up a significant part of the discussion, with the speakers explaining how new rules bring sharper expectations around board oversight, operational readiness and third party risk. For digital asset businesses that operate at speed and scale, this level of scrutiny is essential. It gives firms the structure they need to understand their exposure and stay ahead of fast moving cyber threats. 

For businesses shaping their digital asset strategy within ADGM, this conversation offers a clear, practical view of the developments that matter and the steps they can take to move forward with confidence.