VersiFi, a crypto and digital asset trading and lending firm, has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM in UAE.

As per the announcement, subject to final regulatory approval, VersiFi will launch a fully regulated digital asset trading solution for institutional clients from its new global headquarters in ADGM.

VersiFi’s ADGM presence is led by a team of exceptional financial services executives whose experience spans both digital and traditional assets at firms such as the Abu Dhabi Investment Authority, ADS Securities, Deutsche Bank, Credit Suisse, Gemini, Interactive Brokers, JP Morgan, Standard Chartered and the Royal Bank of Scotland.

VersiFi is working to address the IPA conditions and, subject to FSRA’s approval, plans to offer institutional clients a full trading solution, that will include direct Market Access (DMA) to leading digital asset trading venues; market-leading algorithmic trading that improves trade execution and efficiency; bilateral OTC trading in both spot and derivatives; powerful tools for real-time portfolio and risk management; a full range of KYC and AML protocols and segregated custody via secure, third-party digital asset custodians.

“ADGM has established one of the most robust and dynamic regulatory frameworks in the world and they are taking a leading role in the responsible regulation of digital assets,” said Sameer Shalaby, CEO, VersiFi.

“The FSRA has impressed us with its diligence and collaborative approach and we are committed to building and upholding the highest level of integrity and security as part of the progressive financial services community in the UAE. Receiving our IPA is a validation of our vision and an important step for VersiFi as we to contribute to the region’s digital asset growth story while building our own.”

“We are delighted to be the first DMA and OTC trading firm to be granted IPA,” said John Livingstone, ADGM Regional Head, VersiFi. “We are focused and actively working with the FSRA to comprehensively address all the IPA conditions and we are looking forward to serving clients globally from our ADGM headquarters.”

VersiFi is fully committed to the UAE, and subject to the regulatory approval and receipt of the Financial Services Permission, the company plans on making further investments to expand its presence in the region.