Zodia Markets, a London-based digital asset marketplace, supported by Standard Chartered Ventures has received In-Principle Approval (IPA) to function as a cryptocurrency broker-dealer in Abu Dhabi’s over-the-counter (OTC) market.
The Abu Dhabi Global Market (ADGM), a financial hub in the United Arab Emirates, has approved Zodia Markets for a crypto-related business.
Salem Mohammed Al Darei, CEO of ADGM Authority said, “We congratulate Zodia Markets on receiving the IPA from ADGM and welcome them to our vibrant ecosystem.”
The In-Principle Approval comprises five steps, this approval is the third step in a five-stage application process. The coming stages include receiving final approval and going through an “operational launch” test to make sure everything works smoothly, as per the ADGM guidance.
Zodia Markets has decided to enter the UAE market because the UAE is becoming a dominant player in the digital asset industry.
This move allows institutional investors in the Middle East and Africa to easily invest in digital assets, strengthening Zodia Markets’ role in the global digital asset market.
The CEO of ADGM Authority, Salem Mohammed Al Darei said, “The harmony of traditional and new-age finance in Abu Dhabi with an international leading digital asset firm such as Zodia Markets that is backed by the well-established Standard Chartered will contribute to further enhancing the attractiveness of ADGM as a preferred destination for global entities.”
The ADGM was one of the early adopters in creating a special set of rules and permissions for companies that offer services related to virtual assets.
As part of their regulatory process, the ADGM recently permitted a virtual asset platform called M2 to operate, and they also granted a license to a cryptocurrency exchange called Rain back in July.
Usman Ahmad, CEO of Zodia Markets said, “Our goal is to provide institutions seamless access to trade digital assets without compromising on the standards and controls that exist in traditional financial markets.”
Also Read: Komainu Secures Full Dubai License For Crypto Operations
