Table of Contents
Abu Dhabi Global Market’s Registration Authority (RA) has published guidance on crypto mining businesses operating in or from ADGM, which ADGM says makes it the first international financial centre in the region to issue dedicated guidance on the activity.
Key Takeaways
ADGM’s Registration Authority has published guidance on crypto mining, treating it as a licensable commercial activity and not a financial service. Operators need a dedicated commercial licence under business activity code 7230.
The guidance sets out where mining ends and activities regulated by the Financial Services Regulatory Authority (FSRA) begin, and offers a pre-application self-assessment. ADGM says it is the first international financial centre in the region to issue dedicated crypto mining guidance.
Applicants must disclose their corporate structure and ultimate beneficial owners, and confidentially disclose the blockchain addresses that receive mining rewards. A fuller framework and consultation will follow, with no timetable.
What the ADGM crypto mining guidance says
The RA treats crypto mining as a licensable commercial activity under its oversight. It isn’t treated, by itself, as a regulated financial service. Operators need a dedicated commercial licence under business activity code 7230. The guidance is issued under section 23 of ADGM’s Commercial Licensing Regulations 2025, and follows an eight-week public consultation earlier in 2026.
The approach is technology-neutral and covers Proof-of-Work, Proof-of-Stake and future consensus mechanisms, according to ADGM.
Which regulator covers what
The guidance addresses the line between commercial mining, which the RA licenses, and activities that the FSRA regulates. A pre-application self-assessment helps applicants work out which side of that line their business falls on. The coverage of the guidance doesn’t detail where that line sits, including for staking, validation or handling third-party assets.
What applicants must disclose
Applicants must disclose their corporate structure and ultimate beneficial owners, and the RA expects high standards of governance and transparency. The blockchain addresses linked to mining reward flows are disclosed to the RA confidentially.
Supervision is risk-based and scaled to the size and risk of each operation. For ADGM-registered headquarters that oversee mining operations globally, the guidance takes a ‘reasonable oversight’ approach.
Rashed Al Blooshi, chief executive of the RA, said,
“With this guidance, ADGM is open to responsible crypto mining.” He said crypto mining “sits at the intersection of energy, technology and capital.”
What’s next
This is the first phase. The RA plans to develop a further regulatory framework for crypto mining and consult the market on it later, and has announced no timetable. The coverage doesn’t say how many operators have applied, or whether any miner is already licensed under code 7230.
FAQs
Is crypto mining a financial service in ADGM?
Not by itself, according to the guidance. It is a licensable commercial activity overseen by the Registration Authority, under activity code 7230.
Who regulates what?
The RA licenses commercial mining. The FSRA regulates financial services activities. The guidance includes a self-assessment to help applicants decide which applies to them.
What do miners have to disclose?
Their corporate structure, ultimate beneficial owners, and, confidentially, the blockchain addresses that receive mining rewards.
Does the guidance apply to Proof-of-Stake?
Yes. ADGM says it covers Proof-of-Work, Proof-of-Stake and future mechanisms.
Is this the final framework?
No. It’s phase one, and the RA plans a fuller framework with a market consultation later.
Editor’s Take: ADGM has put crypto mining on the commercial-licensing side of its framework and given it a code, 7230. The practical question for operators is the boundary with the FSRA, and the coverage doesn’t say where it falls for staking, validation or third-party assets. The disclosure of beneficial owners and reward addresses gives the RA visibility of who runs a mining operation and where its income goes. The ‘first in the region’ claim is ADGM’s own, and the next phase, with its consultation, will set the rules beyond licensing.