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 4825 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
VARA - 2019 Fall/Winter Collection
Nursery children gift Eid packages to labourers
An increase of 36.7% compared to the first quarter
US $859bn Oil, Gas and Petrochemical Projects Underway or Planned in the MENA Re...
Eid Al Adha Event Program
Dubai Festival City Mall Celebrates Global Independence Days with Exclusive IMAG...
Eid Gifting
Turkish Airlines continues its journey to the top with new cabin uniforms
Alisha Moopen appointed as the Deputy Managing Director of Aster DM Healthcare
Evonik sticks to full-year outlook despite cooling economy
Zulekha Hospital Sharjah Honored With Baby Friendly Hospital (BFHI) Accreditatio...
Benefits to young people of becoming a freelancer a focus at International Youth...
Al-Futtaim Toyota delivers strong H1 results
GEMS Education offers up some expert ways to get your children to read in the la...
FireEye Identifies Prolific Chinese Cyber Threat Group
Eyes of the World on Expo 2020 Dubai
MoHAP Announces Working Hours at Primary Health Care & Preventive Medicine Cente...
Lenovo Introduces Single-socket Servers, Designed Specifically for Edge and Data...
Facebook Users to Become More Aware of Their Data Usage
SCCI and Sharjah Police to Launch Joint initiatives to Meet Business Sector Aspi...
Empower awards network extension contract worth AED 25 million
LG Signature Responds to Market Demand for Luxury Appliances With Expanded Lineup
9th Muslim World Business and Investment Zone to host Jewels of the Muslim World...
DFSA signs MoU with the Central Bank of Egypt
Sharjah Exports Development Center Achieves Record Results in First Half of 2019
Etihad Airways To Fly 787 Dreamliners To Jakarta And Maldives
A Guide to Making Yourself Happier and Healthier
Smiles Unlimited Buy 1 Get 1 offers chance to win Mauritius summer holiday for two
RAK Ceramics Announces H1 2019 Financial Results
MoHAP's Health Advice and Guidance for Travelers
Express Auto Wash offers festive deals during Eid Al Adha
Get a Complimentary Sushi Roll on Any Bento Box at Sumo Sushi & Bento
New Mimecast Report Reveals Analysis of 67 Billion Rejected Emails
Air Freight in Decline for Eighth Consecutive Month
Oman Insurance Retains Its Positive Business Momentum
Three Bangladeshi businessmen from same family awarded UAE Gold Visa – a first i...
Celebrate Eid Al Adha at Dubai Festival City
Show your Nanny some love and treat them to a Complimentary Haircut throughout A...
Introducing Lunette: A Tool to Empower Women
Robinsons Showcases Malone Souliers' Stunning New Collection for Pre-Fall 19
GUESS - The Perfect Tote
Corum Golden Bridge Titane DLC - black beauty for the man of style
Corum Admiral Legend 42-Icon ahead
Spare a thought for abandoned cats today – International Cat Day!
Marks & Spencer Unveils Its Autumn 2019 Kidswear Collection
Rock Chic Edit with GUESS
Jaguar I-pace: Redefining What It Means to Be a ‘CAR'
Acclaimed Coin Collector to Pay Homage to UAE with Rare Coin Collection at ‘Year...
Ralph Lauren Debuts “Wear Your Story” Denim Campaign
Al Ain Hospital doctors save young girl from 2.5 cm pin in her lungs