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 announced 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. The ADGM was among the first to bring forth a bespoke licensing regime for virtual asset service providers.
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.
We are delighted to have received the approval in principle from ADGM, said Zodia Markets CEO, Yannick Malinge. This is a major milestone for Zodia Markets and we look forward to continuing to work with the ADGM to bring our services to the region.