Securrency Capital, an Abu-Dhabi-based brokerage on Tuesday obtained a Financial Services Permission (FSP) from Abu Dhabi Global Market’s (ADGM’s) Financial Services Regulatory Authority (FSRA). The broker now operates under the Abi Dhabi regulator in Category 3A brokerage
Securrency Capital’s FSP will enable it to achieve its goal of offering a transparent and reliable platform through which global investors can trade digital assets.
Further, Securrency Capital’s platform will be able to deal with investments as a matched principal and provide custody for those investments.
“With this license, we will be able to leverage Securrency’s unparalleled proprietary asset tokenization technology, which automates multi-jurisdictional compliance and financial services and enables the movement of regulated value at the speed of tomorrow,” said Amir Tabch, Securrency Capital’s Chairman and CEO
Securrency Capital is a wholly-owned subsidiary of Securrency, a US-based global financial market. It developed best-in-class propriety digital asset technology.
In addition, the company expects to go live soon after securing additional approvals from the FSRA.
Praveer Pinto, Securrency Capital’s Compliance Director, said, “We intend to use [the ADGM’s regulatory approval] as a foundation to further our commitment to achieving compliance with our regulatory requirements and playing our part in maintaining the integrity of the financial services ecosystem for our clients and the community,”
Shaping Cryptocurrencies In the Middle East
Banks and financial regulators in the Middle East have been slower to embrace cryptocurrency. In the past 2 months, signs have been detected that cryptocurrencies in the Middle East are evolving from a fledgling concept to an everyday part of life.
Several cryptocurrency exchanges have emerged and raised funding, including CoinMENA, BitOasis, and Yoshi markets. The major indicator that crypto is taking a new angle, is the news that came out of Bahrain recently regarding Rain, the region’s first Sharia-compliant cryptocurrency platform.
Securrency Capital is a no less exchange in the Middle East after receiving the operating licenses and waiting to graduate after receiving the awaited approvals.
“Securrency Capital will be at the center of the dynamic and rapidly-growing digital assets marketplace in ADGM for which retail and institutional clients have been waiting,” said John Hensel, the COO at Securrency, Inc.