Abu Dhabi Leading the Way in Crypto Regulation
Abu Dhabi has been at the forefront of establishing a specialized licensing regime for virtual asset service providers. The latest approval in principle has been granted to Zodia Markets, a digital asset marketplace backed by Standard Chartered Ventures, allowing them to operate as an over-the-counter (OTC) crypto broker-dealer in Abu Dhabi.
The Abu Dhabi Global Market (ADGM), an international finance center in the United Arab Emirates, has been actively working to attract crypto-related businesses. The approval in principle is a significant milestone in the five-stage application process, with the next steps involving final approval and an operational launch test.
The ADGM’s proactive approach to crypto regulation has positioned Abu Dhabi as an attractive destination for virtual asset service providers. In line with this, Abu Dhabi initiated a $2 billion initiative to support Web3 projects earlier this year. Notably, virtual asset platform M2 and crypto exchange Rain have also received licenses from the ADGM.
By expanding to Abu Dhabi, Zodia Markets aims to provide institutional investors from the Middle East and Africa with access to crypto. This partnership between Zodia Markets and Standard Chartered will further enhance Abu Dhabi’s reputation as a preferred global destination for both traditional and innovative financial services.
By
By
By
By
