Zodia Markets, backed by Standard Chartered, has received a new operational license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This allows the platform to operate as a crypto brokerage.
Announced today (Tuesday), the Financial Services Permission (FSP) has been granted to the locally formed Zodia Markets (AME) Limited.
Targeting the Middle East
“Digital asset adoption continues to accelerate across Africa and the Middle East (AME), which makes this the ideal time to deepen our presence in the region while reiterating our commitment to building in major financial hubs worldwide,” said Ayad Butt, Senior Executive Officer for Zodia’s UAE entity.
“It’s an exciting growth phase for us as new and existing clients alike will benefit from our global network, connectivity, and capability,” he added.
He further highlighted that Zodia is considering building a trading and innovation hub under the ADGM framework to offer services across markets globally.
Zodia Markets provides over-the-counter (OTC) trading services specifically for institutions. It supports over 50 digital assets and more than 20 fiat currencies. Recently, it also acquired Elwood Capital Management, a crypto company backed by hedge fund billionaire Alan Howard.
Apart from the UAE entity, the crypto platform is operated by three other entities in Jersey, Ireland, and the United Kingdom. All the entities offer the same digital asset solutions to clients.
A Favoured Jurisdiction for Crypto
Notably, several other crypto companies have also received approval from the Abu Dhabi regulator. Paxos, Binance, and eToro are among the names that have gained licenses from the ADGM in recent years.
“The robust regulatory framework at ADGM is designed to support firms like Zodia Markets, ensuring that their clients benefit from the highest levels of trust, security, and governance,” said Arvind Ramamurthy, ADGM’s Chief Market Development Officer.
“Their decision to establish a presence in ADGM underscores our commitment to fostering a vibrant, yet regulated environment for innovative financial services companies,” he explained.
This article was written by Arnab Shome at www.financemagnates.com.
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