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.
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