Hayvn has been granted regulatory approval for its virtual asset trading platform from the Abu Dhabi Global Market. The milestone move will allow the cryptocurrency specialist to arrange investment deals and provide custody for accepted virtual assets.
1,000 Crypto Businesses in 2022
The Abu Dhabi Global Market is one of the most pro-crypto authorities in the Middle East and North Africa (MENA) region and looks to accept more than one thousand such businesses by 2022.
The now regulated over-the-counter (OTC) trading and custody platform is also looking to obtain authorization from Switzerland’s FINMA and Hong Kong’s SFC.
Christopher Flinos, co-founder and chief executive at Hayvn, commented: “The ADGM regulatory approval adds further depth to our regulatory stack. We are a regulation-led firm, operating in a low-trust industry. With virtual assets becoming more and more institutional, our regulatory framework provides the ideal platform to buy, sell and get custody of virtual assets.”
It was in 2018 that ADGM’s Financial Services Regulatory Authority launched a comprehensive virtual asset framework for the trade of virtual assets by businesses, including multilateral trading facilities, custodians and brokers.
Rensche Olivier, Director of Regulation at HAYVN stated that the most important factor within the virtual asset space is to build trust. “We operate in an industry that lacks trust and regulation and HAYVN is here to differentiate itself. Being a regulated firm within the ADGM helps build the level of trust that is needed to establish confidence within the new-to-crypto market.”
HAYVN offers a platform that provides secure OTC trading and custody capabilities, enabling customers to trade virtual assets simply, safely, and efficiently.
The ADGM-regulated firm says its priority is to offer transparency, secure infrastructure, compliance, and best execution practices, bringing unique trading opportunities to our clients and the markets in which we operate.
Binance Wants A License from ADGM
Binance, the crypto exchange giant, has held discussions with officials from special economic zones Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC) and Dubai Multi Commodities Centre (DMCC) about a potential move to that jurisdiction.
In recent months, the firm appointed Mark McGinness from Dubai Financial Services Authority, which regulates DIFC, and Matt Gamble from ADGM. This is part of its efforts to step up on licensing and compliance procedures as the exchange operator opens multiple entities.
In the meantime, Binance has obtained in-principle approval from the Bahrain central bank, the first of its kind for Binance in the MENA region.