DEX Exchange secures in principle approval for crypto asset exchange

Digital Assets Exchange (DEX) has secured in principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate a Crypto Asset Exchange as part of the wider digital asset regulatory ecosystem developed over the past year by the FSRA.
Leon Smith, CEO and founder of DEX, said: "This is a significant milestone achieved for DEX and we are excited to be a part of the UAE financial growth. It's exciting to be a part of a regulatory landscape that will help shape the international digital asset exchange ecosystem and encourage institutional participation in digital assets as an alternative asset class. The regulatory framework that has been enacted by the FSRA of ADGM sets a new benchmark for the regulation of digital and crypto assets on a global scale. DEX will provide a secure platform for our clients to trade crypto assets securely in a regulated environment."
DEX will provide a platform for both retail and institutional grade investors to invest through a fully regulated exchange into crypto assets in a highly regulated financial ecosystem. DEX will, subject to receipt of FSRA's final approval, operate as a regulated Crypto Asset Exchange and Crypto Asset Custodian under the Operating a Crypto Asset Business (OCAB) framework as enacted by the FSRA that oversees all crypto asset and financial services activities in the Abu Dhabi Global Market (ADGM). The exchange will act as a fiat to crypto asset exchange with major international currencies being served as well as local currency pairings native to the UAE/GCC markets.
Leading financial jurisdictions such as the United States as regulated by the Securities Exchange Commission have provided guidance as to how digital assets in the form of coins, tokens or other digital assets may be treated. However, as no statutory laws have been enacted by the US Congress as federal law it has left many primary stakeholders within the digital asset ecosystem conducting business in the United States with little to no surety as to how the financial regulatory authorities will regulate the digital asset ecosystem.
"The OCAB framework backed onto the Market Infrastructure Rules in the ADGM provides clear guidance as to how crypto assets are treated and represents an attractive regulatory framework for financial institutions to participate in that is congruent with regulatory principles that govern traditional financial markets and products," Smith said.
- business@khaleejtimes.com