Abu Dhabi’s financial services watchdog has granted regulatory approval to Arabian Bourse (ABX) to operate a crypto asset exchange and custody service.
The ABX venture will be set up under the Abu Dhabi Global Market and claims to be the first fully-regulated institutional grade crypto exchange service.
It will be based on distributed ledger technology from GMEX Fusion and aims to become the preferred venue in the region for crypto assets listing, trading and settlement and associated digital custody, depositary and data services.
“The last few years have seen remarkable growth in the largely unregulated digital-assets market,” said ABX chief executive Arshad Khan. “ABX will address this issue by offering a fully regulated, robust and transparent eco-system.
“Receiving in-principal regulatory approval for ABX from the Financial Services Regulatory Authority of Abu Dhabi Global Market is a key milestone in the establishment of the new crypto asset exchange and custodian.”
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