Zodia Markets Granted In-Principle Approval as Crypto Broker-Dealer in Abu Dhabi
Zodia Markets, a digital asset marketplace supported by Standard Chartered Ventures, has received preliminary approval to operate as an over-the-counter (OTC) crypto broker-dealer in Abu Dhabi. This milestone was achieved through the Abu Dhabi Global Market (ADGM), an international financial center in the United Arab Emirates that has been actively seeking to attract cryptocurrency-related businesses.
The preliminary approval marks the third step in a five-stage application process outlined by ADGM. The subsequent stages include obtaining final approval and undergoing an "operational launch" test, as per ADGM's guidelines.
Abu Dhabi has been at the forefront of introducing a tailored licensing framework for virtual asset service providers. In February, the region initiated a $2 billion initiative to support Web3 projects. Additionally, ADGM has recently granted licenses to entities such as the virtual asset platform M2 and the crypto exchange Rain.
Salem Mohammed Al Darei, CEO of ADGM Authority, highlighted the synergy between traditional and modern finance in Abu Dhabi, emphasizing that Zodia Markets, with the backing of the reputable Standard Chartered, contributes to enhancing ADGM's appeal as a preferred destination for global entities.
Zodia Markets strategically chose Abu Dhabi, the capital of the UAE, as its expansion hub to provide institutional investors in the Middle East and Africa with access to the cryptocurrency market, according to the company's announcement.