Zodia Markets, a crypto and digital asset brokerage, has been granted a Financial Services Permission (FSP) by the Financial Services Regulatory Authority (FSRA) of ADGM. The license grants Zodia Markets (AME) Limited permission to operate a regulated virtual asset brokerage in ADGM.

This marks the fourth operating entity for the Standard Chartered-backed firm, following Jersey (July 2024), Ireland (2023) and the United Kingdom (2022).

The new entity which will be led by Ayad Butt will offer the same comprehensive digital asset solutions for clients, while leveraging domestic banking systems to enable faster local settlement.

As per the press release, the firm plans to deepen its capital market solutions, further bridging traditional finance with digital assets, to cater to the diverse needs of its growing client base around the world.

Ayad Butt, Senior Executive Officer for Zodia Markets (AME) Limited commented, “Abu Dhabi and the UAE is one of the fastest growing digital asset ecosystems. Digital asset adoption continues to accelerate across Africa and Middle East (AME) which makes this the ideal time to deepen our presence in the region, while reiterating our commitment to building in major financial hubs worldwide. It’s an exciting growth phase for us as new and existing clients alike will benefit from our global network, connectivity and capability. Under the robust regulatory framework in ADGM, we envision building a trading and innovation hub, to not only serve clients in the AME region, but also in other major markets around the world.

Arvind Ramamurthy, Chief Market Development Officer at ADGM noted, “We are pleased to welcome Zodia Markets to ADGM’s growing digital asset ecosystem, further cementing its reputation as a global financial hub and its growing prominence as a leading wealth management hub. Their decision to establish a presence in ADGM underscores our commitment to fostering a vibrant, yet regulated environment for innovative financial services companies. The robust regulatory framework at ADGM is designed to support firms like Zodia Markets, ensuring that their clients benefit from the highest levels of trust, security and governance.”

In 2023, Standard Chartered’s backed digital asset platform, Zodia markets, received an In-Principal 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.

Zodia Custody has shown interest in offering its services not only in the UAE but in Qatar as well. Recently, Gerry Afentakis, Head of Europe & MENA Sales at Zodia Custody visited the Qatar Development Bank along with members from the Qatar Financial Authority.