Copper Announces Plans to Launch Digital Assets Brokerage in Abu Dhabi
London-based crypto trading and custody firm Copper has revealed its intention to launch a new brokerage platform for digital assets in Abu Dhabi in early 2024. This expansion comes as part of Copper’s acquisition of Securrency Capital Limited, which will be renamed Copper Securities Limited. The brokerage platform will offer investors access to global securities with 24/7 trading and near-real-time settlement. Tokenization of traditional securities will also be available, providing increased investor access and more efficient value chain management through automation.
The UAE Emerges as a Global Crypto Hub
Abu Dhabi’s international financial center, ADGM, will host Copper’s brokerage platform, which will be supervised by the Financial Regulatory Authority (FRSA). Copper CEO Dmitry Tokarev sees this move as an opportunity to expand the company’s role as a global digital asset infrastructure provider and establish a stronger presence in the United Arab Emirates. The UAE has become an attractive destination for crypto businesses, with Binance acquiring an MVP under Dubai’s Virtual Asset Regulatory Authority (VARA) and Paxos securing approvals from FRSA to provide brokerage and custody services.
Promising Statistics for the Region
Data from Chainalysis shows that the Middle East and North Africa account for nearly 7.2% of global cryptocurrency transaction volume, receiving over $389.8 billion in yearly on-chain value. The region also employs over 8,650 people across 1,800 organizations in the digital asset industry, according to the Crypto Oasis Ecosystem Report. While a specific launch date for Copper Securities Limited has yet to be announced, this move further solidifies the growing presence of crypto-related businesses in the UAE.
Hot Take: Copper Expands into Abu Dhabi’s Booming Crypto Market
Copper’s decision to launch a digital assets brokerage platform in Abu Dhabi reflects the growing prominence of the UAE in the global crypto landscape. With its acquisition of Securrency Capital Limited and establishment of Copper Securities Limited, Copper aims to provide investors with seamless access to global securities and capitalize on the region’s thriving crypto industry. This move aligns with the UAE’s embrace of blockchain technology and regulatory frameworks that promote security and innovation. As the Middle East continues to attract significant transaction volume and investment in cryptocurrencies, Copper’s expansion positions the company at the forefront of this promising market.
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