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 entice 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 an “operational launch” test.
According to the CEO of ADGM Authority, Salem Mohammed Al Darei:
“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 first regulators to propose a special licensing system for providers of virtual asset services.
Among other approvals, the regulator has given virtual asset platform M2 and the crypto exchange Rain was granted licenses.
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