Changer.ae, a new crypto custodian service, has received a license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
Changer’s service addresses the growing demand for custody and fund administration of digital assets among asset managers and owners. As the only regionally built, independent custody provider in the UAE, Changer offers a subscription-style service for storing virtual assets. Currently, the company is waiving custody fees for early adopters until Q1 2024.
The platform provides a secure, insured wallet with advanced encryption and multi-signature authorization. Users can open an account through Changer’s mobile application, available on various app stores, and store their digital assets.
Following its launch, Changer plans to expand its services in early Q1 2024, including the conversion of virtual assets into fiat currencies and holding them in escrow arrangements with a bank partner, yet to be announced.
The approval aligns with the Abu Dhabi Global Market’s broader regulatory framework on digital ledger technology (DLT), introduced on November 1. The DLT Foundations Regulations, part of an initiative that began in 2018, aim to regulate blockchain foundations, Web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations involved in DLT.
The United Arab Emirates, particularly active in the cryptocurrency sector, is creating a regulatory environment to attract digital asset businesses. This initiative aligns with the growing interest in cryptocurrency in the Middle East and North Africa (MENA) region.
Nadeem Ladki, Senior Executive Officer of Changer, commented on the launch: “We are happy to witness the successful and global launch of Changer.ae, as the region’s first locally built, independent virtual asset custody provider catering to individuals. For widespread adoption of digital assets, users need a safe, trusted counterpart; and we are committed to investing in the infrastructure and abiding by the regulations necessary to provide that peace of mind to our global users to be a leader in this space. We are proud to launch Changer.ae in the UAE, as the Nation has a well-balanced approach to digital asset adoption and financial regulation, thus making it a great market for our premium.”