skip to Main Content
bitcoin
Bitcoin (BTC) $ 96,912.97 1.14%
ethereum
Ethereum (ETH) $ 3,343.21 2.55%
tether
Tether (USDT) $ 1.00 0.01%
solana
Solana (SOL) $ 250.48 2.02%
bnb
BNB (BNB) $ 655.89 0.04%
xrp
XRP (XRP) $ 1.41 5.33%
dogecoin
Dogecoin (DOGE) $ 0.422988 2.12%
usd-coin
USDC (USDC) $ 1.00 0.08%
cardano
Cardano (ADA) $ 1.01 5.62%
staked-ether
Lido Staked Ether (STETH) $ 3,341.09 2.62%

Zodia Markets Receives In-Principle Approval as Crypto Broker-Dealer in Abu Dhabi

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.

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.

Edited by Sheldon Reback.

DISCLOSURE

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

strict set of editorial policies.

CoinDesk is an independent operating subsidiary of

Digital Currency Group,

which invests in

cryptocurrencies

and blockchain

startups.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

stock appreciation rights,

which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG

.

Amitoj Singh

Amitoj Singh is CoinDesk’s regulatory reporter covering India. He holds BTC and ETH below CoinDesk’s disclosure threshold of $1,000.

Follow @amitoj on Twitter


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Loading data ...
Comparison
View chart compare
View table compare
Back To Top