The Financial Services Regulatory Authority (FSRA) of Abu Dhabi provided in-principal approval to Arabian Bourse (ABX) to help establish, operate, and regulate a crypto asset exchange and custodian in the United Arab Emirates (UAE).
Arshad Khan, the founder of the regional exchange and GMEX Group, a leader in digital business and technology solutions for exchanges and post-trade operators, announced the completion of the latest phase to seal their joint venture, ABX. ABX is set up under the Abu Dhabi Global Market (ADGM).
Arshad Khan, Co-founder, and CEO, ABX in his press release said:
“The last few years have seen remarkable growth in the largely unregulated digital-assets market. ABX will address this issue by offering a fully regulated, robust and transparent eco-system.”
In addition to the above statement, he added that receiving the approval from the Financial Authority of Abu Dhabi Global Market is a milestone in the establishment of the new crypto asset exchange and custodian.
Arabian Bourse will focus on global institutional and retail traders. In addition, it will implement the proven GMEX Fusion hybrid centralized and blockchain distributed ledger technology suite.
ABX’s goal is to be a leading institutional grade crypto assets exchange and custodian in the region. To meet its objective, the company is building a fully integrated eco-system to ensure it is the preferred venue for crypto assets listing, trading and settlement with associated digital custody, depository and data services.
The choice to base ABX in ADGM is because the area features an enlightened crypto asset regulatory framework. It also shows significant growth and acceptance to crypto asset. It features a high concentration of global financial institutions as well as offers a trusted regulatory regime.
The ABX ecosystem will eventually act as a bridge to connect the Middle East and Northern Africa (MENA) digital asset activity with the rest of the world’s major digital asset centers. Crypto asset holders have the opportunity to work together which will expose them to blockchain technology opportunities and related strategic investments.
GMEX Group Chairman and CEO, HiranderMisra made the following comment:
“By bringing together proven market expertise and technology, with a deep understanding of the exchange landscape in the Middle East, our partnership approach has ensured we can deliver an innovative market infrastructure solution in a highly credible regulated environment.”
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