GDF responded to the FSRA the Consultation paper on the Proposed Regulatory Framework for the issuance of Fiat-Referenced Tokens.
The input to this response was curated through a series of member discussions, industry engagement, and roundtables, and GDF is grateful to its members who have taken part. Through this process GDF members identified key areas that we believe the ADGM should consider as they move forward to develop a regulatory regime for FRTs. The core areas identified are:
1. Support FRTs being a unique regulated Activity
2. Encouraged Amending of Attestation Timing from Monthly to Quarterly
3. Further Clarity Requested on Redemption Actions to be Taken in T+2 Timeframe
4. Additional Guidance Requested with Regards to Foreign Stablecoins