Zodia Markets, a digital asset hub sponsored by Standard Chartered Ventures, has reached a significant milestone. It recently earned approval in principle to serve as an over-the-counter (OTC) crypto broker-dealer in Abu Dabhi. This decision came from Abu Dhabi Global Market (ADGM), an international financial nucleus in the United Arab Emirates focused on magnetizing crypto-based businesses.
ADGM’s stamp of approval is deemed the third progression in a five-tier approval process. Next on the agenda for Zodia Markets is securing final approval and passing an “operational launch” examination as stipulated by ADGM guidelines. Without a doubt, ADGM stands as a pioneer, introducing a custom-tailored licensing framework for virtual asset service providers.
Earlier this year, Abu Dhabi launched a $2 billion initiative propelling Web3 projects. ADGM has also given its blessing to other crypto entities, such as the virtual asset platform M2 and crypto exchange Rain, paving the way for a thriving digital economy.
The unison of time-honored and contemporary finance in Abu Dhabi opens the doors to symbiosis. The alliance with Zodia Markets, reinforced by the established financial colossus Standard Chartered, promises to augment the allure of ADGM as a hotspot for global entities. These encouraging words come from the CEO of ADGM Authority, Salem Mohammed Al Darei.
Zodia Markets has strategically selected Abu Dabhi, the capital of the UAE, to expand its services. With a focus on bridging institutional investors from the Middle East and Africa with the crypto market, this move aligns perfectly with Zodia’s vision.
While the move of Zodia Markets signals an immensely positive push towards embracing crypto, everything boils down to seamless integration and regulatory compliance. Unequivocally, the journey of a thousand miles begins with a single step. Zodia Markets has taken that step, but a close eye needs to be kept on how they navigate their journey. The firm not only needs to maneuver through innovative terrains but also build trust, ensuring it becomes an inherent part of Abdul Dhabi’s financial fabric. This is a story that has just begun and is teetering on the brink of something transcendental. Only time will tell.
Source: Coindesk
