Crypto Exchange Arabian Bourse Receives Initial Approval From UAE Regulatorbr>
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market has given In-Principal Approval to Arabian Bourse to establish and operate a full-fledged crypto asset exchange and custodian.
Arabian Bourse, a joint venture between trading and post-trade technology vendor GMEX Group and regional exchanges founder and business expert Arshad Khan, aims to be a fully regulated crypto asset exchange and custodian initiative that focuses on global institutional and retail traders. ABX will be implemented via GMEX Fusion hybrid centralized and blockchain ledger technology suite. Abu Dhabi, which has a growing cryptocurrency asset industry, has been chosen as ABX’s headquarters.
“With a goal to be the leading institutional grade crypto assets exchange and custodian in the region, ABX is building a fully integrated ecosystem to become the preferred venue for crypto assets listing, trading and settlement with associated digital custody, depository and data services,” the company said.
The objective of the upcoming platform is to bridge the crypto activities across the Middle East and Northern Africa with other crypto centers around the world.
“The last few years have seen remarkable growth in the largely unregulated digital-assets market,” said Arshad Khan, Co-founder and CEO of Arabian Bourse. “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.”
Hirander Misra, Chairman & CEO at GMEX Group and Vice Chairman at Arabian Bourse, said that by bringing together proven market expertise and technology with a deep understanding of the exchange landscape in the Middle East, their partnership approach has ensured they can deliver an innovative market infrastructure solution in a highly credible regulated environment.
“We look forward to obtaining the final licences to launch the digital exchange and custodian,” said Misra.