UAEs central bank approves custodial risk insurance product for digital assets
OneDegree executive Robin Scott told Cointelegraph that the insurance covers Web3 asset managers against the risk of losing customer funds.
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OneDegree executive Robin Scott told Cointelegraph that the insurance covers Web3 asset managers against the risk of losing customer funds.
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Abu Dhabi is taking significant steps towards regulating fiat-referenced tokens (FRTs), a specific type of stablecoin. The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) introduced a proposed framework on August 20. It aimed at overseeing the issuance and operation of FRTs. FRTs are digital assets
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LaserDigital, a digital asset arm of global financial services group Nomura, hasreceived a Financial Services Permission (FSP) from the Financial ServicesRegulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The approvalmarks the completion of Laser Digital's licensing process with ADGM.
Nomura's Laser DigitalWins Abu Dhabi Regulatory Approval
The FSPallows Laser Digital to provide broker-dealer and asset management services forboth virtual assets and traditional assets within ADGM, Abu Dhabi'sinternational financial center and free zone. The company's UAE entity is ledby CEO Jez Mohideen, with Ramin Shayesteh serving as Head of Distribution.
"Weare eager to contribute responsibly to the virtual asset industry in theUAE," said Mohideen in a statement. "We have always been committed toupholding the highest standards of compliance and regulations at ADGM, and welook forward to contributing to ADGM's ecosystem."
LaserDigital, backed by the Japanese financial services giant Nomura, wasestablished in the second half of 2022in Switzerland, which is known for its crypto-friendly regulations. In thefollowing years, however, the company tooksteps to acquire licenses in other regions of the world, including the MiddleEast.
With theADGM approval, Laser Digital joins a growing list of digital asset firms, establishing a presence in Abu Dhabi as the UAE continues to position itself asa hub for the industry.
"We'redelighted to welcome Laser Digital as we expand our financial community toinclude partners such as Laser, whose offerings align with ADGM and the FSRA'sinternational best practices and progressive regulatory ecosystem," ArvindRamamurthy, Chief of Market Development at ADGM, commented, welcoming LaserDigital to the financial center's growing community.
LaserDigital is currently among the three companies aiming to introduce a newcryptocurrency product in Japan, specifically"Stablecoin-as-a-Service," and they are collaboratively working onthe issuance of JPY and USD stablecoins in Japan.
Meanwhile, Nomuras crypto subsidiary has strengthened its leadership by appointingHideaki Kudo as a Representative Director and the head of Laser's newlyestablished office in Tokyo.
This article was written by Damian Chmiel at www.financemagnates.com.
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Those caught mining crypto on farms face fines of up to 10,000 dirhams, or about $2,722.
Singapore-based custody services provider, Liminal, has obtainedregulatory approvals in Abu Dhabi. Liminal's subsidiary, First Answer MiddleEast, has been granted Financial Services Permission from the Abu DhabiGlobal Market's Financial Services Regulatory Authority.
Regulatory Approvals in Key Markets
This approval enables the firm to offer custody serviceswithin the region, marking a crucial step in its international growth. Notably,the subsidiary had received in-principal approval last year.
The company has been pursuing regulatory approvals acrossvarious regions. In addition to its success in Abu Dhabi, Liminal's Dubaientity, First Answer Custody FZE, secured initial approval from the emirate'sVirtual Asset Regulatory Authority last month.
"We initiated a strategic drive two years ago to secureregulatory licenses in key markets across APAC and EMEA (Europe, Middle Eastand Africa), strategically positioning ourselves to cater to institutionalclients," said Manan Vora, Senior Vice President of Strategy and Business Operations.
"Our strategic vision is to expand from our present technology presence inEurope and Taiwan to pushing for regulatory victories there. In Indonesia, weare already working as a technology provider for the nation's sovereign digitalasset exchange."
Singapore-based custody solutions provider @liminalcustody has won the Abu Dhabi regulator's approval to operate as a regulated custodian within the Middle East, days after a regulatory win in India. By @amitojhttps://t.co/IdbIbuwq2Q
CoinDesk (@CoinDesk) May 13, 2024Singapore's Regulatory Landscape Shift
Furthermore, its Indiansubsidiary, First Answer India Technologies, has been registered as a reportingentity, positioning Liminal as the first digital asset custodian registeredwith India's Financial Intelligence Unit. This development followsLiminal's appointment by India's Central Bureau of Investigation tomanage seized digital assets in November.
Back in its home base of Singapore, with the introduction ofnew licensing requirements for custody solutions providers in April, thecompany was already providing custody solutions and thus grandfathered into thenew guidelines for six months. Liminal has taken steps by notifying theMonetary Authority of Singapore of its intent to apply for a license.
Amir Tabch, CEO of Liminal Custody Solutions Middle East andSenior Executive Officer of the Category 3C ADGM-regulated entity First AnswerMiddle East Limited, remarked: "Earning the ADGM FSP license is a clearindicator of Liminal's ironclad dedication to compliance and innovation. Thisachievement not only positions us at the forefront of digital asset custody butalso signals our pivotal role in its future evolution."
This article was written by Tareq Sikder at www.financemagnates.com.
Blockdaemon gets the go-ahead for further expansion in the UAE with a new office in Abu Dhabi to boost web3 growth and push for institutional-grade adoption.
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The post Second edition of Bitcoin MENA set to take place at ADNEC Centre Abu Dhabi in December appeared first on Crypto Breaking News.
Circle sees this move as a positive sign for the UAE, stating that the country is embracing innovative new technologies.
Circle, the issuer of the USDC stablecoin, has secured initial approval from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi. The approval, announced on April 29, allows Circle to move closer to receiving a full Financial Services Permission (FSP) to operate within the Abu Dhabi Global Market (ADGM). This progress comes just months after Circle’s […]
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Abu Dhabi’s financial free zone signs an agreement with Chainlink for tokenization frameworks In a significant move, the Abu Dhabi Global Market (ADGM), a renowned financial free zone in the United Arab Emirates, has entered into a memorandum of understanding (MoU) with Chainlink, a leading blockchain platform. This partnership aims to develop tokenization frameworks to [...]
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Abu Dhabi Firm MGX Supports Binance’s $2 Billion Stablecoin Investment Abu Dhabi-based investment firm MGX has shown its support for Binance’s recent $2 billion investment in a stablecoin project. This move reflects a growing interest from traditional financial institutions in the rapidly evolving cryptocurrency market. The partnership between MGX and Binance demonstrates a strategic collaboration [...]
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eToro, the trading and investing platform, has added stocks listed on the Abu Dhabi Securities Exchange (ADX) to its platform.
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