DEX, a new UAE bitcoin and crypto Multilateral Trading Facility and Custodian, has now secured a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) in the United Arab Emirates. The FSP authorizes DEX to operate a regulated Multilateral Trading Facility (MTF) and Custody platform using Virtual Assets that will serve retail / accredited investors, trading firms and institutions worldwide. The platform will allow the buying and selling of Virtual Assets with all major international currencies as well as local currencies in the respective UAE / GCC markets.
DEX aspires to be a leading regulated digital asset exchange which will ultimately, and subject to further regulatory approval, cover additional assets classes such as Digital Securities, Fiat Tokens, Options and Derivatives in addition to its current approval as a Virtual Asset MTF. DEX is headquartered in the Abu Dhabi Global Market in the United Arab Emirates, whose 2021 Blockchain Strategy has placed the jurisdiction at the forefront of global blockchain innovation, particularly in financial services. Having spent the last 12 months working towards full regulatory approval, DEX is now gearing up for the public launch of its trading and custody platform in Q3 2020.
DEX CEO Leon Smith said: “At DEX, our goal is to provide investors with a digital assets platform that delivers a best-in-class, fully regulated trading experience. For us, that means ensuring confidence through robust regulation, transparency and security. The ADGM’s rigorous and progressive approach to digital asset regulation provides the strongest possible foundations for launching an institutional grade platform that meets the needs of today’s participants. Obtaining this FSP as an MTF and custodian using Virtual Assets is a major milestone in our journey to provide a secure, regulated and transparent platform covering a broad array of digital assets to our clientele.”
“DEX aims to provide its clientele with a regulated trading and custodial eco system which we believe is the future of digital asset trading on a global scale,” Smith continued. “Upon launch, our customers will be able to access a regulated and secure digital asset platform, with the knowledge that they are trading within the world’s most robust digital asset regulatory ecosystem.”