XBTO On Its Way To Secure Abu Dhabi’s FSRA License For Crypto Services In MENA

XBTO has received in-principle approval (IPA) from Abu Dhabi’s Financial Services Regulatory Authority (FSRA) to operate in the UAE.

The digital assets finance management firm which offers crypto services for non-US-based institutional investors will continue to operate from its existing offices in Bermuda, London, and Paris, besides the new office in Abu Dhabi.

XBTO to leverage future FSRA license to better serve Middle East markets

XBTO will leverage its Abu Dhabi presence to better serve the Middle East, one of the most crypto-friendly regions in the world today at a time of great debate over the role of digital assets in the economy and the systemic risks arising from the adoption of crypto.

The firm said it chose ADGM for its expansion because the FSRA is one of the first regulators globally to introduce and implement a comprehensive and bespoke regulatory framework for the regulation of exchanges, custodians, brokers, and other intermediaries engaged in virtual asset activities.

Abu Dhabi is rapidly attracting its target segment of clients including family offices, traditional and crypto native macro hedge funds, high net worth individuals, blockchain protocols, VC funds, brokerages and more.

In line with its long-term commitment to the UAE and regulatory frameworks, and subject to the regulatory approval for the grant of the FSP, the company plans on making further investments to invest in its presence in the UAE. XBTO was recently selected by Hub71 Digital Asset program earlier this year.

“We believe the UAE has the potential to become the global hub for digital asset businesses worldwide”

Philippe Bekhazi, Founder & CEO, XBTO said: “Receiving an In Principle Approval is a significant step forward for XBTO in establishing a strong presence in the rapidly growing Gulf region. We believe the UAE has the potential to become the global hub for digital asset businesses worldwide, so it is important that XBTO as one of the world’s leading digital assets companies has a foothold here. I’m excited to see this area of the business develop in the coming months and years.”

Karl Naïm, Global Head of Business Development & General Manager XBTO Middle East, commented: “This is an exciting time for digital assets, the UAE and surrounding countries. There is strong interest in the growth of the sector here. XBTO is working with organizations across the region and we look forward to working hand in hand with the regulator, decision makers and institutions to help build a thriving and leading digital assets ecosystem from Abu Dhabi.”

XBTO launched OTC trading desk for customized order execution

XBTO recently launched its ProTrading platform following the acquisition of Stablehouse. The platform is intended to serve financial institutions and high-net-worth individuals, offering an institutional-grade trading environment that addresses several bottlenecks in the digital asset trading space.

Financefeeds.com