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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
The fund aims to advance decentralized infrastructure and blockchain adoption and support talent from the US, Asia, Europe and the MENA region.
The venture capitalist firm said ESMAs approach to crypto market abuse could be a disaster for the industry without suggesting any better ideas.
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.
Forking out wallets without community input is theft, according to the trader, who also claims to be part of 0l Networks marketing team.
OKEx Relaunches DEX with Enhanced Security Measures Following Exploitation by Lazarus Group After being targeted by the notorious Lazarus Group for misuse, OKEx has taken steps to revamp its decentralized exchange (DEX) to prevent abuse and enhance security. The exchange has implemented anti-abuse upgrades in response to the incidents caused by the Lazarus Group, a [...]
Sober.Buzz ($BUZZ) is the cryptocurrency being developed by alcoholics and addicts in recovery with the goal of creating a global sober community.
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.
ADNEC Group & BTC Inc Group today announced the return of Bitcoin MENA to Abu Dhabi for a second edition, set to take place on December 8-9, 2025.
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 […]
The post Circle secures USDC regulatory nod in Abu Dhabi, enters tech ecosystem appeared first on CryptoSlate.
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 [...]
The post Abu Dhabi Financial Free Zone Partners with Chainlink for Tokenization Solutions appeared first on Crypto Breaking News.
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 [...]
The post Abu Dhabi’s MGX Invests $2 Billion in Binance’s Stablecoin – Boosting Crypto Partnership appeared first on Crypto Breaking News.
Binance, the worlds largest cryptocurrency exchange, has secured a $2 billion investment from Abu Dhabi-based MGX, marking the first institutional backing for the exchange.
The post Binance Secures $2 Billion Investment from Abu Dhabis MGX appeared first on Kanalcoin.
eToro, the trading and investing platform, has added stocks listed on the Abu Dhabi Securities Exchange (ADX) to its platform.
The post ADX-listed stocks now available on eToro appeared first on Crypto Breaking News.
Dubai has established itself as one of the preferred destinations for crypto juggernauts, along with its sister center Abu Dhabi. This is evident by the arrival of Binance, Coinbase, Crypto.com, and a host of other leading crypto firms that have gravitated toward the region. Not long ago, Binance CEO CZ praised the city’s global appeal […]
The Middle East is becoming an increasingly attractive location for a growing number of cryptocurrency exchanges. After Binance obtained authorization from the regulator in Abu Dhabi in November 2022, more companies have begun appearing in the local market. The latest is Rain Trading Limited, which has received the Financial Services Permission (FSP) issued by the Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority.
Rain Joins Licensed Firms in Abu Dhabi
Abu Dhabi and Dubai are among the most populated of the seven administrative regions in the United Arab Emirates (UAE). Both jurisdictions issue separate permits for providing financial services, and while Dubai has recently seemed more popular, Abu Dhabi is also not lagging behind the rising popularity of the cryptocurrency trend in the Middle East.
Rain announced yesterday (Tuesday) that it had obtained permission to provide brokerage and custody services in the digital asset market. It has also partnered with a local bank to settle client deposits in accordance with local regulations.
Rain Trading Limited (Rain ADGM) has been granted the first Financial Services Permission (FSP) by Abu Dhabi Global Market’s Financial Services Regulatory Authority to operate a virtual assets brokerage and custody service. pic.twitter.com/EyxCj4HbNy
— Rain (@rain) July 25, 2023Rain's CEO, Joseph Dallago, stated that the fight to get the license lasted for five years. Rain was one of the first companies to apply for authorization in 2018 when ADGM presented its virtual asset framework.
Today, Rain is launching in the UAE, as the first licensed retail exchange. This is a 5 year effort, as we were one of the first exchanges to enquire about licensure back in 2018, when the ADGM released their virtual asset framework.
— Joseph Dallago (@_jayd3e) July 25, 2023"UAE residents will now be able to fund their accounts in minutes, thanks to a partnership with a local UAE bank. Furthermore, customers are further protected through the supervision of a local regulator and thorough legal framework," Dallago added.
As mentioned earlier, Binance has been operating in the local market since November of last year. Previously, it received in-principle approval to provide its services. In addition to Abu Dhabi, many exchanges are opening up to the UAE through Dubai, where the Virtual Assets Regulatory Authority (VARA) licenses are issued. Recently, Bitget, ByBit, and OKX have all received authorization in the emirate.
For Binance, the Middle East is becoming an important jurisdiction, especially in light of regulatory issues in the United States and around the world. According to Alexa Chehade, the General Manager of Binance Dubai, the UAE could become the primary target for cryptocurrency firms seeking favorable and transparent regulations.
The Middle East Becomes a Crypto Hub
According to data related to the adoption of cryptocurrencies in the Middle East and North Africa, this region is the fastest-growing area in the cryptocurrency industry, accounting for 9.2% of global transactions in 2021-2022. In the UAE alone, a staggering increase in the number of registered cryptocurrency companies of 400% was noted over two years.
At the same time, the region has seen an increase of threefold in the number of educational programs related to blockchain, contributing to an 8% rate of hash mining. All these factors have led to an increasing number of exchanges deciding to enter the local market and set up their offices in Dubai or Abu Dhabi.
Furthermore, the local market has tremendous potential in terms of the number of retail investors. This is confirmed by FX/CFD market data, where the number of investors is constantly growing despite a global downturn.
In addition, according to Binance MENA statistics, the majority of cryptocurrency holders currently live in the UAE. This represents 28% of all residents of the UAE, meaning that one in four people in the country own cryptocurrencies.
This article was written by Damian Chmiel at www.financemagnates.com.
The law will officially enter into force at a date determined by Namibia’s Ministry of Finance.
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