Zodia Markets Granted Approval in Principle to Operate as OTC Crypto Broker-Dealer in Abu Dhabi

Zodia Markets Granted Approval in Principle to Operate as OTC Crypto Broker-Dealer in Abu Dhabi

Crypto News – Zodia Markets, a digital asset marketplace backed by Standard Chartered Ventures, announced on Wednesday that it has secured preliminary approval to operate as an over-the-counter (OTC) crypto broker-dealer in Abu Dhabi.

This crucial approval was granted by the Abu Dhabi Global Market (ADGM), an international financial hub within the United Arab Emirates that has been actively attracting businesses in the cryptocurrency sector. The preliminary approval marks the third phase of a comprehensive five-stage application process, with the subsequent stages involving final approval and a rigorous “operational launch” assessment, as per ADGM guidelines.

The ADGM had previously established itself as an early advocate for implementing a tailored licensing framework for virtual asset service providers. In February, Abu Dhabi initiated a substantial $2 billion initiative aimed at supporting Web3 projects. Notably, in the past month, the ADGM issued licenses to the virtual asset platform M2 and the crypto exchange Rain.

Salem Mohammed Al Darei, CEO of ADGM Authority, commented on this development, stating, “The harmonious coexistence of traditional and modern finance in Abu Dhabi, coupled with the presence of a globally recognized digital asset firm like Zodia Markets, backed by the reputable Standard Chartered, will undoubtedly enhance ADGM’s appeal as the preferred destination for global entities.”

Zodia Markets strategically selected Abu Dhabi, the capital of the UAE, for its expansion plans, aiming to provide institutional investors in the Middle East and Africa with streamlined access to the world of cryptocurrencies, as detailed in their official announcement.