Zodia Markets, backed by Standard Chartered, gains approval as a crypto broker in Abu Dhabi

2:18 pm
September 6, 2023

Zodia Markets, a digital asset platform supported by Standard Chartered Ventures, has received in-principle approval to operate as an over-the-counter (OTC) cryptocurrency broker-dealer in Abu Dhabi. The approval was granted by the Abu Dhabi Global Market (ADGM), a leading global financial hub in the United Arab Emirates.

The ADGM has been actively attracting enterprises involved in the cryptocurrency industry and was one of the first regulators to propose a special licensing system for virtual asset service providers. Zodia Markets’ approval is part of the ADGM’s effort to expand its influence in the crypto space.

The CEO of ADGM Authority, Salem Mohammed Al Darei, highlighted the significance of the partnership with Zodia Markets, stating that it will contribute to enhancing the attractiveness of ADGM as a preferred destination for global entities.

By choosing Abu Dhabi as its strategic expansion location, Zodia Markets aims to provide institutional investors in the Middle East and Africa with access to cryptocurrency. The approval from the ADGM will give Zodia Markets the opportunity to expand its presence in the region.

Abu Dhabi has been actively promoting the growth of Web3 projects and initiatives, launching a $2 billion effort in February to boost the development of these projects.

FAQs

What is Zodia Markets?

Zodia Markets is a digital asset platform supported by Standard Chartered Ventures.

What type of approval did Zodia Markets receive?

Zodia Markets received in-principle approval to operate as an over-the-counter (OTC) cryptocurrency broker-dealer in Abu Dhabi.

Who granted the approval to Zodia Markets?

The approval was granted by the Abu Dhabi Global Market (ADGM), a leading global financial hub in the United Arab Emirates.

What is the significance of the approval for Abu Dhabi?

The approval of Zodia Markets is part of Abu Dhabi’s effort to attract enterprises involved in the cryptocurrency industry and enhance its position as a preferred destination for global entities.

Why did Zodia Markets choose Abu Dhabi for expansion?

Zodia Markets chose Abu Dhabi as its strategic expansion location to give institutional investors in the Middle East and Africa access to cryptocurrency.


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