eToro beats Binance to it and receives crypto broker license from Abu Dhabi ADGM

eToro beats Binance to it and receives crypto broker license from Abu Dhabi ADGM

The eToro platform which offers traders and investors more than 3,000 different financial assets, including stocks, cryptocurrencies, ETFs, indices, currencies and commodities has announced receiving approval for Financial Services Permission from the regulatory body FSRA at ADGM ( Abu Dhabi Global Market) in UAE.

While eToro’s main research and development office is located in Tel Aviv, Israel, it has legal entities registered in the UK, US, Australia and Cyprus. The firm is regulated by the CySEC authority in the EU; it is authorized by the FCA in the UK, and by FinCEN in the United States, and by the ASIC in Australia. eToro boasts of 35 million customers across 100 countries.

In September 2022, eToro has recieved its in principle approval.

The approval will allow eToro to operate as a broker for securities, derivatives, and cryptoassets in the United Arab Emirates.

Yoni Assia, Founder and CEO of eToro, comments, “The approval of our operating license by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing fintech hub, and we are excited to become part of this flourishing ecosystem. With our team in Abu Dhabi led by Jason Hughes, Senior Executive Officer for eToro Middle East and George Naddaf, GCC & MENA Regional Manager, we are looking forward to deepening our relationships in this dynamic market and to helping our UAE clients grow their financial knowledge and wealth as part of a global community of investors.”

Arvind Ramamurthy, Chief of Market Development at ADGM, added, “We are delighted to welcome eToro to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable eToro’s vision, ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers, and reinforce the UAE’s strategic value to global finance.”

eToro, M2, Rain have all beat Binance to it by recieving crypto broker exchange licenses from ADGM, while Binance currently has a crypto custodial license allowing it only to deal with institutional clients.

IOTA to launch its regulated DLT Foundation in Abu Dhabi UAE

IOTA to launch its regulated DLT Foundation in Abu Dhabi UAE

IOTA an open-source distributed ledger and cryptocurrency designed for the Internet of things announced that it will be establishing its IOTA regulated foundation for digital infrastructure in Abu Dhabi UAE. This is as per their blog is a move that underlines their commitment to the UAE and their growth plans globally. Prior to this IOTA had announced in September it would launch its headquarters in UAE.

As per the blog post, the purpose of this entity is to become one of the primary organizations to foster the growth, adoption, and global expansion of IOTA. The post states, “As we open up a new chapter with IOTA, we need to match technology with the right support to establish IOTA as a global ecosystem. We can only do this by operating out of the right environment. We are convinced that the UAE will offer IOTA the best environment to realize its global ambitions.”

It adds,” We want IOTA to be a public goods infrastructure that will power our digital society and economy. With the new foundation in Abu Dhabi, we are confident that we will achieve this vision of the future.”

This announcement comes just after ADGM (Abu Dhabi Global Market) regulatory authority (FSRA) announced its new DLT Foundation regulatory framework. So IOTA could be the first entity to launch under this new regulatory framework.

According to Dominik Schiener, Chairman of the IOTA Foundation: ”From the very beginning, we have experienced a very warm welcome and unwavering support from leaders, regulators, and businesses in Abu Dhabi. I am simply amazed at how the country operates and how it is being led by visionary and open-minded leaders. This “can-do” mentality is the perfect environment for us to take IOTA to the next level. We are excited to play a role in helping to establish the UAE as a hub for technology innovations.”

The newly established foundation will operate under the guidance of a dedicated board of directors. One of its primary objectives will be to provide essential funding and support to the rapidly growing IOTA ecosystem. This commitment aligns with our mission to foster innovation and development within the broader DLT space.

IOTA aims to work closely with leading institutions out of the UAE, and building a thriving DLT ecosystem in the UAE and beyond.  

This announcement comes as the IOTA Foundation was chosen as a key participant in the UAE’s official startup delegation at CEATEC in Japan.

“We are thrilled to announce that the IOTA Foundation has been chosen as a key participant in the UAE’s official startup delegation at the upcoming CEATEC conference, scheduled from October 17th to 20th and held at the Makuhari Messe in Chiba, Japan. This recognition is an immense honor and a testament to IOTA’s pivotal role in pioneering Web3 and Web2 innovations.”

In May 2023, UAE Minister of State for Foreign Trade Thani AlZeyoudi and the Founder of Iota, Dominik Schiener, met announcing that the IoTa Blockchain platform has now been ushered into the UAE’s digital ecosystem.

Latham Watkins advisors for UAE’s ADGM DLT Foundations regulations

Latham Watkins advisors for UAE’s ADGM DLT Foundations regulations

Latham Watkins announced that it advised UAE’s Abu Dhabi Global Market (ADGM), financial free zone in the Distributed Ledger Technology (DLT) Foundations regulations, which aims to further build the digital assets hub.

UAE’s Abu Dhabi Global Market after announcing its DLT token issuance consultation paper in April 2023 has now officially launched its new regulation that will allow DLT (Distributed Ledger Technology) Foundations, DAO (Decentralized Autonomous Organizations) to issue tokens.

This means that DLT Foundations of Layer 1 or Layer 2 protocol Foundations can receive licenses from ADGM and offer tokenized assets, or digital assets, or possibly established organizations wishing to use DLT and issue tokens.

This new regulation could encourage global blockchain DLT protocol Foundations such as Ethereum, Cardano, Hedera, and others to enter the UAE. UAE based Venom Foundation, a Layer1 blockchain protocol could also benefit. The Foundation recently announced a partnership with the UAE Government to establish the National Carbon Credit System can also utilize the new regulation.

The DLT Foundation regulation came as a response to interest from foundations being used for DLT purposes that require issuance of governance tokens.

According to Latham Watkins press release, “The regulations, published on November 1, 2023, present a worlds-first purpose-built legislative framework for establishing and operating DLT foundations for the use, deployment, development, facilitation, or support of DLT or issuance of tokens. They aim to provide market players with ample governance flexibility within DLT foundations recognizing new realities in decentralization.”

The Latham team was led by Dubai/Riyadh partner Brian Meenagh and London partners Stuart Davis and Andrew Moyle, with Dubai associate Ksenia Koroleva, Riyadh associate Matthew Rodwell, and London associate Sam Maxson leading on benchmarking and drafting. Advice was also provided by New York partner Stephen Wink, Hong Kong associate Zoe Wang, Singapore associate Gen Tan, and San Francisco associate Adam Zuckerman.

Stuart Davis, Global Co-Chair of Latham’s Digital Assets & Web3 Practice, commented: “This bespoke regime for DLT foundations, catering to a vast spectrum of blockchain and web3 use cases and decentralized business models, significantly advances the industry, reinforcing ADGM’s position as a leading market for blockchain innovation.”

As per the ADGM press release, “The new regime is set to enable positive transformation across the blockchain and Web3 landscape, fostering a more transparent and efficient future. Issued by the Registration Authority (RA) of Abu Dhabi Global Market (ADGM), the Distributed Ledger Technology (DLT) Foundations Regulations 2023 marks a significant milestone in the evolution of digital assets regulatory frameworks across the region and at an international level. It aims to provide a comprehensive framework for DLT Foundations and Decentralized Autonomous Organizations (DAOs), enabling them to operate and issue tokens recognizing the unique needs of the Blockchain industry.”

According to the regulation document, a DLT Foundation is a legal entity established to use, deploy, develop, facilitate or support DLT or to issue tokens.

Looking into the regulation rulebook, when it comes to token issuance, DLT Foundations will have to provide information about the operation of the relevant smart contracts, vesting schedules and overall token supply over time; and  provisions, if applicable, on pre-emption and buy-back rights (and circumstances in which those will apply), as well as provisions regarding token economics;  any restrictions on transferability or technological lock-ups; types of Tokens that the DLT Foundation can issue or limitations on types of Tokens that the DLT Foundation can issue and blockchain protocols used for issuance; as well as the  purposes and intended use of Tokens.

His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, stated, “Abu Dhabi is rapidly emerging as the destination of choice for global players at the forefront of digital asset development. The introduction of the DLT Foundations Regime marks a revolutionary step forward, reinforcing ADGM’s commitment to a proactive approach rooted in extensive cross-industry dialogue and collaboration with various stakeholders. The new regime serves as a driving force for positive change in the digital assets sector. By transforming the blockchain and Web3 landscape, we are moving towards a future characterized by setting global benchmarks with enhanced transparency and efficiency.”

UAE air carbon exchange goes live with first two trades for tokenized carbon credits

UAE air carbon exchange goes live with first two trades for tokenized carbon credits

Blockchain tokenization platform ACX (AirCarbon Exchange) is now live with key trades executed and settled on the platform with First Abu Dhabi Bank (FAB) and Helix Climate conduct first trade on the exchange and South Pole executes first over-the-counter transaction on Carbon Market Board

ACX established its regional base in ADGM in August 2021 with the support of Hub71, Abu Dhabi’s global tech ecosystem. Hub71 is powered by Mubadala Investment Company PJSC (Mubadala), an Abu Dhabi sovereign investor. Mubadala invested in ACX in September 2022 as a strategic step in line with its economic diversification mandate and commitment to responsible investing.

In September 2022, ADGM, the international financial center of the UAE’s capital that is established as a financial free zone, became the first jurisdiction to regulate voluntary carbon credits as financial instruments through the introduction of an Environmental Instrument classification, a regulatory framework to license exchanges and clearing houses for both spot and derivatives markets for these products.

In November 2022, ACX Abu Dhabi became the first entity to be licensed under this framework, being the world’s first regulated Recognized Investment Exchange and Recognized Clearing House offering Environmental Instruments in the form of carbon credits.

The inaugural carbon credits trade on the fully regulated exchange was executed between First Abu Dhabi Bank (FAB) and specialist carbon trading company Helix Climate.

Sameh Al Qubaisi, Group Head of Global Markets at First Abu Dhabi Bank, said, “We are delighted to execute the first trade on ACX Abu Dhabi. As the UAE’s largest bank, we are keen to support the expansion and potential of carbon markets to provide price signals that can help companies reduce or remove their greenhouse gas emissions in the most efficient way.”

Simon Harman, Founding Partner of Helix Climate, said, “Helix Climate are proud to have transacted the first trade on ACX Abu Dhabi, the first fully regulated carbon exchange. We share ACX’s vision to grow liquidity, transparency and confidence in the voluntary carbon markets and look forward to transacting more volume on the exchange.”

Arvind Ramamurthy, Chief of Market Development at ADGM , said, “Last year, ADGM welcomed the introduction of ACX, the first regulated carbon credit trading exchange and clearing house in the world and today we are more than thrilled to witness its live launch. As we find ourselves in a critical time with the development of global carbon markets, this step marks a momentous milestone in the journey towards a thriving market for voluntary carbon markets. We look forward to seeing ACX take on a pivotal role in not just environmental instruments but also in other markets and financial instruments, including virtual asset markets.”

“This marks another important step in bringing carbon credits closer to the world of regulated commodities,” said ACX’s Co-Founder and Co-CEO William Pazos. “ACX is proud to be the world’s first fully regulated spot carbon environmental exchange and clearing house. We are equally honored to be recognized for our ability to innovate and trigger positive change in this critically important sector.”

Further enhancing its portfolio, ACX Abu Dhabi is also pleased to announce the first trade on its Carbon Market Board (CMB) – an electronic trading facility that allows participants to execute and settle over-the-counter transactions. The trade was concluded with South Pole, the world’s leading climate project developer and solutions provider.

“By providing a regulated environment for carbon credit trades, ACX is helping to build higher integrity carbon markets: both buyers and sellers have more certainty thanks to the regulatory wrapper around the traded carbon credits and a marketplace that is scrutinized by an independent financial services authority. Trust will result in scale of climate action and impact, which is essential today,” said Abderrahman Kasmi, Executive Director for Procurement & Trading at South Pole.

UAE Mubadala Investment Company PJSC (Mubadala) acquired a majority stake in blockchain enabled AirCarbon Exchange (ACX), this came after Mubadala Capital led Series B funding round of $70 million for Ramp Network, whose mission is to make Web3 a reality by enabling mainstream adoption of products and services offered by pioneering blockchain ventures.

UK based  BeZero Carbon partnered with UAE Blockchain security token platform for carbon credits ACX (formerly known as AirCarbon Exchange) to host its carbon credit ratings on ACX’s Abu Dhabi exchange – bringing transparent carbon ratings to a new audience in the Gulf States.

Nomura’s Laser Digital crypto broker takes the UAE by storm

Nomura’s Laser Digital crypto broker takes the UAE by storm

Nomura’s crypto broker, and crypto investment service provider, Laser Digital which recently received a full license from Dubai’s virtual asset regulatory authority, VARA has now received an in principle approval for a license from Abu  Dhabi’s ADGM ( Abu Dhabi Global Market).

As per the recent news from ADGM, Laser Digital was granted an in principle approval by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), with formal regulatory licensing subject to the fulfillment of a number of conditions. When all IPA conditions are fulfilled, Laser Digital will be granted the Financial Services Permission to provide broker-dealer services and asset/fund management services in relation to virtual assets and traditional assets.

Laser Digital was launched last autumn by Nomura and was co-founded by Steve Ashley, who previously led Nomura’s wholesale division, and Jez Mohideen, who was Nomura’s Chief Digital Officer and Co-Head of Global Markets EMEA. Headquartered in Switzerland, with offices in the UAE and the UK

Jez Mohideen leads Laser Digital’s UAE entity with Cameron Dickie as Head of Distribution.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We are delighted that Laser Digital has been granted an ‘In Principal Approval’ for their virtual asset management services. Laser is developing investment services in virtual assets that are both dynamic and transparent, and their investment offerings align well with ADGM and the FSRA’s international best practices and progressive regulatory ecosystem. We welcome them to our robust and vibrant financial community.”

Jez Mohideen, CEO of Laser Digital added,“We are very grateful to have the opportunity to set up operations in ADGM; their comprehensive and clear regulatory framework is creating a global hub for digital assets that we are delighted to be joining.”

Prior to this Laser Digital was granted a full crypto license that will allow it to offer virtual asset broker dealer and investment management services in the UAE from VARA in Dubai. At the time Laser Digital announced that  it planned to launch over-the-counter trading services and digital-asset investment products for institutional investors in coming months.

According to VARA website, Laser Digital has been awarded the full VARA license, issued to VASPs which satisfies all of the requirements as specified under the Virtual Assets and Related Activities Regulations 2023. It allows a VASP to offer approved Virtual Asset services to retail customers as well as institutional customers and Qualified Investors.

Laser Digital, which is headquartered in Switzerland with officers in Dubai and London, said in a statement it had received the license from Dubai’s Virtual Asset Regulatory Authority, allowing it to offer crypto-related broker-dealer, management and investment services.

UAE regulated Crypto broker RAIN now connected with local banks

UAE regulated Crypto broker RAIN now connected with local banks

UAE regulated crypto broker RAIN which recently received its virtual assets licens from ADGM in Abu Dhabi is now providing its customers with the ability to work with local banks, using their accounts to make instant deposits and withdrawals of AED without any transfer restrictions.

As per their press release, this further enhances our banking infrastructure and users in the UAE can benefit through a secure and seamless transition from fiat currency to virtual assets.

In addition to the innovative banking stream, Rain ADGM has expanded its OTC (Over the Counter) service, offering high-net-worth and institutional clients a white-glove, institutional-grade brokerage facility for execution of  larger virtual asset trade orders. The OTC Desk will provide clients with a customized trading experience and block trading for precise execution at the best value.

Rain OTC Desk will facilitate seamless and secure over-the-counter (OTC) trading for clients, by offering a more customized execution and settlement service, and sourcing competitive pricing, This exclusive offering will be available to high-net-worth and institutional clients, further solidifying Rain ADGM’s commitment to delivering cutting-edge solutions to its diverse clientele.

Emmanuel Alamu, Global Head of OTC, added that “our integration with the local banking infrastructure is a comprehensive step forward in building a cohesive virtual asset community in the UAE. With near-instant bank deposits, we are now able to bring the quality of localised OTC services in the UAE materially closer to both the efficiency and depth of more established global virtual asset markets within Europe and Asia.”

UAE’s ADGM grants crypto custodian Changer an FSP license

UAE’s ADGM grants crypto custodian Changer an FSP license

UAE based changer.ae, a crypto custodian service provider has received  the Financial Services Permission (FSP) license by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).

With the FSP, Changer has become officially authorized to offer its services to individuals who are looking for a robust and reliable platform to hold their crypto currencies. Being uniquely positioned in the UAE, Changer focuses on protecting crypto based investors and informing the community about safety, risks, and crypto investments through its state-of-the-art custodian services.

Changer’s custody solution is an easy-to-use, all-in-one platform that offers customers simplicity at their fingertips while safeguarding their virtual assets. Individuals from all over the world can soon access the mobile application and use it to store their digital assets, with peace of mind that their investments are secure and always insured.

Changer’s enterprise-grade and robust infrastructure uses advanced encryption and multi-signature authorization to enhance the security of its wallets. Unlike most applications, Changer caters to investors looking for an independent provider of safe custody. By separating trading venue and storage, market participants are better able to ensure the protection of client capital.

Regulated by the world-class advanced regulatory framework of Abu Dhabi Global Market (ADGM), Changer offers clarity and transparency in its services. Since the crypto world is a very fast-paced one and can be overwhelming at times, Changer has been designed with our clients in mind, it is simple, straightforward, and user-friendly. The intuitive interface allows customers to easily manage their digital assets, make transactions, and monitor their account activity through one of the fastest and most efficiently designed platforms. Moreover, there is a dedicated team of experts that is available for support and to answer any questions our clients may have.

Nadeem Ladki, Senior Executive Officer of Changer, commented on the launch: “We would like to thank his excellency H.E Ahmed Jasim Al Zaabi, Chairman of ADGM, the Financial Services Regulatory Authority, and particularly the Authorization Team for granting us the FSP license. This license is an endorsement from one of the most reputable regulators in the world and marks Changer’s commitment to maintaining a transparent and secure relationship with ADGM, ensuring that all our clients’ virtual assets are safeguarded in the safest way possible”.

He added: “I would like to extend my heartfelt gratitude to the dedicated Changer team, our partners, and the regulators who have made the launch possible. Our combined hard work has made Changer come to life, soon to be offering individuals all over the world the possibility to protect their investments with cutting-edge security measures. With Changer’s services catering to a global audience, we are assisting in driving the UAE’s ambition to become a global center for the crypto industry and virtual asset community”.

Beyond the imminent launch of its custody solution, Changer plans to expand its services in the near future to offer its clients simplified fiat conversion and fiat escrow services thereby enriching its product portfolio.

UAE digital assets infrastructure startup Fuze raises $14mn Seed round led by ADQ’s Further ventures

UAE digital assets infrastructure startup Fuze raises $14mn Seed round led by ADQ’s Further ventures

UAE headquartered Fuze, a digital assets infrastructure provider, has raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA). The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures. 

Fuze will benefit from the strategic capital and network of these investors, acting as a catalyst for the business as it builds the digital asset infrastructure that will drive the future of finance. 

A first-of-its-kind infrastructure provider in MENA, Fuze enables any bank, fintech or traditional enterprise to easily offer regulated digital assets products to their customers through their native apps.

Fuze was founded by an expert team of fintech, traditional finance (TradFi) and decentralized finance (DeFi) leaders, with its co-founders holding extensive knowledge from experience in global hypergrowth businesses. 

CEO, Mohammed Ali Yusuf (Mo Ali Yusuf) has held prominent roles at Checkout.com and Visa; Arpit Mehta (COO) was previously in the leadership team at fintech leaders like Simpl and Clear; Srijan Shetty (CTO) built algorithmic trading systems at Goldman Sachs and worked at tech leader Microsoft.

With a regional digital asset market worth $566bn, and growing at 48% YoY, Fuze co-founder and CEO, Mohammed Ali Yusuf believes the Middle East is the perfect home to establish a digital assets infrastructure business. 

Yusuf states, “We are excited to build the future of regulated financial infrastructure and digital assets out of the UAE. Regulations have played a pivotal role in propelling the UAE into a central position within the global Digital Assets industry. To receive the backing of Abu Dhabi-headquartered Further Ventures combined with the deep expertise of US-based Liberty City Ventures, confirms the relevancy and potential of Fuze’s mission to rapidly expand our cutting-edge infrastructure across the region.”

Further Ventures commented, “This is an important strategic investment into digital assets, one of our core verticals. The team at Fuze is highly experienced and has a clear vision to develop a trusted, world-class digital assets proposition. Technology that enables a range of stakeholders is vital for the future of the financial ecosystem and Fuze is well placed to be a leader in digital assets across the MENA region and beyond.”

In September 2022, Abu Dhabi’s ADQ and Further Ventures, an investment firm back by ADQ launched a $200 million fund focused on Fintech, digital assets and supplychain.

Fuze was founded in December 2022 and selected earlier this year to join Hub71, Abu Dhabi’s global tech ecosystem through its Company Building Program. Its white label solutions handle the complexities of blockchain and regulatory overheads for enterprises, enabling these organizations to readily offer digital assets such as stablecoins, cryptocurrencies, CBDCs and tokenized assets.

The funding will propel Fuze’s growth as it obtains regulatory licensing, adds strategic hires in key roles, continues to expand its technological capabilities, and accelerates its geographic expansion across the region. Its products, such as Fuze Trader and Fuze Loyalty, allow banks, brokerages and superapps to offer digital asset products in a simple, easy and trusted manner.

“We are building a suite of products that addresses the growing demand for regulated digital asset capabilities through trusted channels. Our technology first approach is a game-changer for the region and offers our customers a reliable bridge to the new era of investments and to the future of finance,” adds Yusuf. 

In a recent report by Singaapore funded UnaFinancial, the group said that Fintech funding in UAE could reach $2.8 billion in 2028 from $1.8 billion in 2023. This is boosted by a strong economy and favourable environment.

Standard Chartered’s digital asset platform received In Principle approval from Abu Dhabi’s ADGM

Standard Chartered’s digital asset platform received In Principle approval from Abu Dhabi’s ADGM

Standard Chartered’s backed digital asset platform, Zodia markets, has received an In-Principle Approval (IPA) fulfilling the pre-requisites to receive a Financial Services Permission (FSP) for OTC broker-dealer in virtual assets by Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center.

As per the press release, Zodia Markets has chosen to expand into the UAE as the region establishes itself as a rapidly emerging hub for digital assets. The strategic expansion provides institutional investors from the Middle East and Africa with reliable access to this growing, alternative asset class, consolidating Zodia Markets’ position as an integral part of the global digital asset landscape.

Salem Mohammed Al Darei, CEO of ADGM Authority said, “We congratulate Zodia Markets on receiving the IPA from ADGM and welcome them to our vibrant ecosystem. Our evolving regime, progressive regulatory environment, and strong value proposition support businesses in the digital asset space, as we remain steadfast in upholding the highest standards. 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.”

Andrew Price, Chief Compliance Officer of Zodia Markets said, “Abu Dhabi has already established a clear and forward-looking virtual asset regulatory framework. This early adoption and foresight have enabled it to attract innovation, talent and investment while raising the bar for compliance in virtual asset firms. It has been a pleasure working with the FSRA so far and I look forward to deepening our roots in the region.” 

Usman Ahmad, CEO of Zodia Markets said, “We are delighted to achieve this milestone on the journey to establish ourselves in the Middle East. We are excited at the opportunities this will open up for our business and this demonstrates progress in our expansion as a leading institution-first digital asset trading business. Our goal is to provide institutions seamless access to trade digital assets without compromising on the standards and controls that exist in traditional financial markets.”

In August 2022, Zodia Markets had announced its intention to expand into Abu Dhabi in 2023. At the time the company had stated that Abu Dhabi would be Zodia Markets first presence in the MENA region as it targets growth opportunities.

Zodia went live in July 2022 in the United Kingdom. U.K.-based Zodia Markets is a sister company of Zodia Custody, the digital assets safekeeping platform. Both firms share the same majority shareholder in SC Ventures, the venture arm of Standard Chartered.

Prior to this Abu Dhabi’s ADGM had granted RAIN crypto broker a virtual asset brokerage and custody service license. In 2022 , cryptocurrency platform Rain received in-principle approval for financial services permission (FSP) from Abu Dhabi Global Market (ADGB), which if it is fully approved will allow it to operate beyond the GCC region and offer a greater number of virtual asset pairs.

Abu Dhabi Finance Week to hold Blockchain Summit Abu Dhabi and discuss digital assets

Abu Dhabi Finance Week to hold Blockchain Summit Abu Dhabi and discuss digital assets

Abu Dhabi Finance week, running from November 27th to November 30th will be holding discussions on the future of finance that will cover topics such as payments,  digital assets, cyber security, market integrity and credit. It will include The Regulators Summit, Blockchain Abu Dhabi, Risk4.0, A.I. Abu Dhabi and the 2023 Fintech Abu Dhabi Awards.

Held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Chairman of the Executive Council and powered by Abu Dhabi Global Market (ADGM), ADFW will seek to examine the factors affecting monetary systems, technological disruptions, financing the race to net zero, the resultant services and facilities, and the industrial and social sectors that impact the global financial system. It will collectively aim to collaborate on maximising the opportunities and minimising the challenges presented within the ‘Transition Era’.

Commenting on the ADFW’s pioneering theme, His Excellency Ahmed Jasim Al Zaabi, Member of Abu Dhabi’s Executive Council and Chairman of ADDED and ADGM said, “We are part of an extraordinary era that is transitioning in every aspect whether it is economic, technological advancement or climate. As we navigate the complexities and challenges of this transformative phase, ADFW acts as a superb platform to gather impactful decision-makers that look at these aspects as opportunities. By investing in the transition era, ADFW stands as a platform that is not just about adapting to change but also seizing the opportunity that propels us towards a brighter, more prosperous future.”

The event was a global success last year, exceeding all expectations in its first edition. It witnessed local, regional and global participation of approximately 9000 attendees from 102 countries including 346 speakers who participated across 31 events and 105 sessions along with 52 strategic partnerships and over 75 MoUs announced and signed during the event.

ADFW unveiled additional top-line speakers who will be present in Abu Dhabi for the various events including H.E. Khaldoon Al Mubarak – Managing Director & Group CEO of Mubadala, Mohamed Alabbar – Founder of Emaar, Peter Orszag – Lazard CEO, Mohammed Alardhi – Executive Chairman of Investcorp, Dr. Samir Haj-Yehia – Chairman of Bank Leumi, H.E. Dr. Abdulrahman Al Hamidy – Director General & Chairman of Arab Monetary Fund, Yoni Assia – Co-founder & CEO of eToro, Atif Abdulmalik – CEO & Chairman of the Executive Committee at Arcapita and Bob Steers – Executive Chairman of Cohen & Steers. In June, ADFW announced its first cohort of elite speakers from the international financial spectrum, which listed iconic names such as Ray Dalio, KBW Founder and CEO – HRH Prince Khaled bin Alwaleed bin Talal Al Saud, Franklin Templeton President and CEO – Jenny Johnson, Midas List Venture Capitalist and Managing Partner at GGV Capital – Jenny Lee, Hong Kong Exchanges and Clearing Ltd. Chairman – Laura Cha, Rockefeller International Chairman – Ruchir Sharma, Fortune CEO – Alan Murray, Co-founder of Brevan Howard Asset Management LLP – Alan Howard, The Children’s Investment Fund Founder – Sir Christopher Hohn, Chairman of Wamda and Co-founder of Aramex – Fadi Ghandour and Former SEC Chairman – Jay Clayton.