In a groundbreaking move, Zodia Markets, the London-based digital asset marketplace, has achieved a significant milestone in its journey towards becoming a prominent cryptocurrency broker-dealer in the Abu Dhabi over-the-counter (OTC) market. This development comes with the backing of Standard Chartered Ventures, solidifying Zodia Markets‘ position in the global digital asset market.
The Abu Dhabi Global Market (ADGM), a renowned financial hub in the United Arab Emirates, has bestowed its stamp of approval upon Zodia Markets, greenlighting its entry into the world of crypto-related business.
Salem Mohammed Al Darei, CEO of ADGM Authority, expressed his enthusiasm, stating, “We congratulate Zodia Markets on receiving the IPA from ADGM and welcome them to our vibrant ecosystem.”
The journey to this milestone has been a meticulous one. The In-Principle Approval process consists of five crucial steps, with this approval marking the third step in a rigorous five-stage application process. Subsequent stages will encompass the acquisition of final approval and the execution of an “operational launch” test to ensure seamless functionality, aligning with the ADGM’s stringent guidelines.
Zodia Markets’ strategic decision to enter the UAE market is underpinned by the region’s burgeoning prominence in the digital assets industry. This move unlocks opportunities for institutional investors in the Middle East and Africa to seamlessly participate in the digital asset landscape, thereby strengthening Zodia Markets’ pivotal role in the global digital asset market.
CEO of ADGM Authority, Salem Mohammed Al Darei, reiterated, “The harmony of traditional and new-age finance in Abu Dhabi with an international leading digital asset firm such as Zodia Markets, backed by the well-established Standard Chartered, will contribute to further enhancing the attractiveness of ADGM as a preferred destination for global entities.”
ADGM has been at the forefront of embracing innovation in the financial sector by establishing a specialized framework for companies offering services related to virtual assets. This forward-thinking approach recently led to the approval of a virtual asset platform called M2 and the issuance of a license to the cryptocurrency exchange Rain in July.
Usman Ahmad, CEO of Zodia Markets, shared the company’s vision, stating, “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.”
This pivotal moment marks a significant stride in Zodia Markets’ journey towards becoming a key player in the cryptocurrency space. With the green light from ADGM, Zodia Markets is poised to open doors to a world of crypto opportunities in the vibrant markets of Abu Dhabi and beyond.