DEX (Digital Assets Exchange) said on Monday it has secured in principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate a crypto asset exchange.
Leon Smith, CEO and founder of DEX, said: “This is a significant milestone achieved for DEX and we are excited to be a part of the UAE's financial growth. It’s exciting to be a part of a regulatory landscape that will help shape the international digital asset exchange ecosystem and encourage institutional participation in digital assets as an alternative asset class.”
He said DEX will provide a platform for both retail and institutional grade investors to invest through a fully regulated exchange into crypto assets in a highly regulated financial ecosystem.
He added that DEX will, subject to receipt of FSRA’s final approval, operate as a regulated crypto asset exchange and crypto asset custodian under the operating a crypto asset business (OCAB) framework.
The exchange will serve major international currencies as well as local currency pairings native to the UAE/GCC markets.
“The regulatory framework that has been enacted by the FSRA of ADGM sets a new benchmark for the regulation of digital and crypto assets on a global scale. DEX will provide a secure platform for our clients to trade crypto assets securely in a regulated environment,” said Smith.
“The OCAB framework backed onto the Market Infrastructure Rules in the ADGM provides clear guidance as to how crypto assets are treated and represents an attractive regulatory framework for financial institutions to participate in that is congruent with regulatory principles that govern traditional financial markets and products,” he added.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.