Multilateral trading facility and custodian for virtual assets company DEX has secured 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 allows DEX to run a regulated Multilateral Trading Facility (MTF) and Custody platform using Virtual Assets that will serve retail and accredited investors, trading firms and institutions worldwide.
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 ecosystem 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.”
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.
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.”
DEX embodies first in class operational capabilities, regulatory mechanisms and is positioned to be a leading regulated Crypto Asset Exchange attracting both local and global institutional investment into crypto assets. Subject to regulatory approval, DEX expects to provide full operational trading services to clients in 2019 in the UAE, GCC markets and globally.
DEX is a Multilateral Trading Facility and Custodian using Virtual Assets which is regulated by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). DEX will offer institutional and retail clients a secure and transparent institutional-grade platform operating in a highly regulated financial ecosystem. DEX provides confidence to all market participants as the platform backs onto a comprehensive regulatory framework in terms of market infrastructure rules, prudential requirements and ensures a fair and orderly approach as to the conduct of business provided therein.
Also published on Medium.
Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China’s first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission’s SME Instrument programme as a startup assessor and as a startup judge for the UK government’s Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
