GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

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.



Posted by : GoDubai Editorial Team
Viewed 4020 times
Posted on : Monday, June 24, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Mohammed bin Rashid Space Centre & Federal Youth Authority adopt logo for first Emirati mission into...
Next Story : MaK eco-friendly power solutions ensure less emissions and more fuel savings
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Festival of Speed Celebrates Aston Martin's Racing History
T-Race Cycling Tour de France The Watch for Fans of Le Tour
Ink Your Lips This Summer With Artist Rouge Ink, Make Up for Ever's New Airlight...
Beauty On The Go with Amphis
Ermanno Scervino, The Perfume
Siemens to supply power equipment and services for 840 MW power plant in Iraq
Tonda 1950 Stone-set range'
Faces launches Next Generation stores in Mall of the Emirates, Dubai and Riyadh ...
Transform Your Bedroom and Sleep Like a King With Robinsons' Latest Bedlinen Col...
Computer & Power Technology Adds Cisco Collaborate Architecture Award to its Lis...
Contract signed: BMW Group and Daimler AG launch long-term development cooperati...
Colourful Anniversary Limited anniversary edition now available in new colors
3 ways to give your hair the power of plants, with 3 new highly concentrated hai...
The Network Gets Smarter, Simpler and More Secure with Artificial Intelligence a...
Dubai Customs discusses means of growth with members of Consultative Council
Carrefour rewards environmentally-conscious customers on International Plastic ...
Salvatore Ferragamo Presents Minuetto
Back to School with Marks & Spencer
Happy Eid with Corum Golden Bridge Round 39
DP Haute Joaillerie thématique 2019 – Les Ciels de Chaumet
Statement Handbags from GUESS
Parmigiani Fleurier Kalpagraphe Chronometre Titanium
Dubai-based Blue Ocean Group expands into UK distribution market ahead of Brexit
Mouawad unveils the Mouawad Dragon Yellow and White Diamond Suite, featuring the...
The inauguration of codeshare flights between Kuwait and Istanbul-Sabiha Gö...
GEMS Education students excel in IB exams
Tissot Heritage 1973 The racing legacy
Ralph Lauren at The Championships, Wimbledon – Wednesday 10th July
Aston Martin Valkyrie Wows Crowds on Public Debut at Silverstone
Schneider Electric's Biggest Engineer-to-Order Factory in Asia Utilizes IIoT Tec...
A Sensational Summer for Shoppers: Win a Water's Edge Apartment Worth Aed 1 Mill...
‘Legislative Needs Forum' discusses key elements of ‘Legislative Plan 2020' in l...
Samsung QLED 8K: How AI Upscaling Enables Truly Immersive Picture & Sound
Abu Dhabi Airports and Abu Dhabi Ports exchange knowledge and experience
Abu Dhabi Health Services Company (SEHA) implements smart pharmacy systems to im...
Spring Summer 2020 Collection
Dubai Customs explores more mutual trade with KSA
If the Shoe Fits
Bahrain hosts the 2019 MENA Regional High-Level Forum on Green Economy
Celebrated singer and composer Quratulain Balouch set to perform at Rajmahal The...
MoHAP Youth Council Interviews Zainab Al Bloushi “Winner of Happiness and Positi...
Ride Into the New School Year with the Coolest Gear
Ahmad Daham becomes first Arab drifter to participate in Drift Masters European ...
Union Coop Reports 20% Growth in Net Profit for the First half of 2019
Special edition 2019 Ford Expedition ‘Turath' arrives in Al Tayer Motors and Pre...
Corporations' long-term success hinges on their business model supporting humani...
India's Union Budget – Comments from Dr. Azad Moopen, Founder Chairman and Manag...
GUESS - Floral Print
Dubai's leading school operator to launch Affordable IB School in Dubai- Ambassa...
IHG signs world's largest voco with Maad International in Saudi Arabia