According to Zodia Markets, a platform for digital assets supported by Standard Chartered Ventures, operating as an over-the-counter (OTC) cryptocurrency broker-dealer in Abu Dhabi has received approval in principle.
The approval was given by the Abu Dhabi Global Market (ADGM), a global financial hub in the United Arab Emirates that has been making an effort to draw enterprises involved in the cryptocurrency industry. The third stage of a five-stage application process is considered to be the in-principle level. According to the ADGM instructions, the following steps entail receiving final approval and passing through a “operational launch” test.
One of the first to propose a special licencing system for providers of virtual asset services was the ADGM. Abu Dhabi launched a $2 billion effort to boost Web3 projects in February. Among other approvals, the centre last month gave virtual asset platform M2 a licence. In July, the crypto exchange Rain was granted a licence.
According to Salem Mohammed Al Darei, CEO of ADGM Authority, “the harmony of traditional and new-age finance in Abu Dhabi with an international leading digital asset firm like Zodia Markets that is backed by the well-known Standard Chartered will contribute to further enhancing the attractiveness of ADGM as a preferred destination for global entities.”
According to the release, Zodia Markets decided to strategically expand to Abu Dhabi, the capital of the UAE, to give institutional investors from the Middle East and Africa access to cryptocurrencies.