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Zodia Markets Receives In-Principle Approval as Crypto Broker-Dealer in Abu Dhabi
Abu Dhabi was among the first to establish a bespoke licensing regime for virtual asset service providers.
Zodia Markets, a digital asset marketplace backed by Standard Chartered Ventures, has been granted approval in principle to operate as an over-the-counter (OTC) crypto broker-dealer in Abu Dhabi, the firm said Wednesday.
The approval was granted by the Abu Dhabi Global Market (ADGM), an international finance center within the United Arab Emirates that has been attempting to attract crypto-related businesses. The in-principle level is seen as the third step in a five-stage application process. The next stages involve getting final approval and going through an "operational launch" test, according to the ADGM guidance.
STORY CONTINUES BELOW
The ADGM was among the first to bring forth a bespoke licensing regime for virtual asset service providers. In February, Abu Dhabi kicked off a $2 billion initiative to support Web3 projects. Among other approvals, last month the center granted a license to virtual asset platform M2. Crypto exchange Rain received a license in July.
"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,” said Salem Mohammed Al Darei, CEO of ADGM Authority.
Zodia Markets chose Abu Dhabi, the UAE's capital, as a strategic expansion to provide institutional investors from the Middle East and Africa access to crypto, according to the announcement.
Read More: Crypto Storage Provider Zodia Custody Raises $36M From SBI Holdings, Standard Chartered
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
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