Abu Dhabi Global Market (ADGM) is in the process of finalising the launch of regulated digital asset trading in Q2 of this year.
Amongst the first companies to be issued with an in-principle approval (IPA) is DEX. Founder and CEO, Leon Smith, says it is not only a landmark moment for ADGM but also the wider Middle East financial industry.
When asked about the significance of the move, Leon Smith added, “We were issued an in-principle approval (IPA) and are currently working with ADGM towards full approval in the second quarter of 2020. Everyone involved at ADGM is to be applauded for their efforts in making this happen and it’s a ground-breaking step for the region.”
“This is very much about transforming ADGM into a global financial hub and part of the wider Abu Dhabi narrative,” added Leon Smith.
ADGM has taken a measured approach to the regulation of trading digital assets after announcing the plan in 2018. They initially launched a public consultancy on the topic and then set-up a legal framework for interested parties to engage with them.
The move to regulate digital assets is in line with the Abu Dhabi Economic Vision 2030, to achieve effective economic transformation of the Emirate’s economic base and bring about global integration.