ABU DHABI, UAE, 24th June 2019: DEX (Digital Assets Exchange) has secured in principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate a Crypto Asset Exchange as part of the wider digital asset regulatory ecosystem developed over the past year by the FSRA.
CEO and Founder of DEX Leon Smith said: “This is a significant milestone achieved for DEX and we are excited to be a part of the United Arab Emirates' (UAE) financial growth. It's exciting to be a part of a regulatory landscape that will help shape the international digital asset exchange ecosystem and encourage institutional participation in digital assets as an alternative asset class.”
DEX will provide a platform for both retail and institutional grade investors to invest through a fully regulated exchange into crypto assets in a highly regulated financial ecosystem. DEX will, subject to receipt of FSRA's final approval, operate as a regulated Crypto Asset Exchange and Crypto Asset Custodian under the Operating a Crypto Asset Business (OCAB) framework as enacted by the FSRA that oversees all crypto asset and financial services activities in the Abu Dhabi Global Market (ADGM). The exchange will act as a fiat to crypto asset exchange with major international currencies being served as well as local currency pairings native to the UAE/GCC markets.
“The regulatory framework that has been enacted by the FSRA of ADGM sets a new benchmark for the regulation of digital and crypto assets on a global scale. DEX will provide a secure platform for our clients to trade crypto assets securely in a regulated environment” said Smith.
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 eco system conducting business in the United States with little to no surety as to how the financial regulatory authorities will regulate the digital asset eco system.
“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.