XBTO Secures In-Principle Approval To Operate In UAE From Abu Dhabi’s FSRA

Digital asset finance management firm XBTO has received in-principle approval (IPA) from Abu Dhabi’s Financial Services Regulatory Authority (FSRA). The approval will enable XBTO to strengthen its presence in the Middle East, a region that is becoming increasingly crypto-friendly.

The company will now extend its services to the UAE while maintaining its existing offices in Bermuda, London, and Paris, according to a recent report from FinanceFeeds.

The firm, which specializes in providing crypto services for non-US-based institutional investors, aims to leverage its new Abu Dhabi base to better serve the growing demand for digital asset services in the region.

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Abu Dhabi’s FSRA Regulates Crypto Activities

The FSRA, which operates within ADGM, was one of the first regulators worldwide to implement a comprehensive regulatory framework for the supervision of virtual asset activities. This covers a wide range of services, including exchanges, custodians, brokers, and other intermediaries involved in digital asset activities.

Abu Dhabi has been actively positioning itself as a hub for crypto and digital asset businesses. The city is increasingly attracting a wide range of clients, including family offices, hedge funds, blockchain protocols, venture capital funds, and high-net-worth individuals.

XBTO has received In-Principle Approval from @ADGlobalMarket, advancing our UAE expansion. @ADGlobalMarket's leading digital asset regulation and rapid growth make it a perfect base as we strengthen our presence in the Middle East, in partnership with @hub71ad.… pic.twitter.com/PgMoyQnLdV

— XBTO (@xbtogroup) September 11, 2024

Notably, XBTO plans to make more investments in the region, pending full regulatory approval. Earlier this year, the company was selected to join the Hub71 Digital Asset program, a dedicated Web3 specialist ecosystem in Abu Dhabi.

“We believe the UAE has the potential to become the global hub for digital asset businesses worldwide, so it is important that XBTO as one of the world’s leading digital assets companies has a foothold here,” Philippe Bekhazi, Founder and CEO of XBTO, said.

In addition to its expansion in the UAE, XBTO recently launched its ProTrading platform, following the acquisition of the crypto custodian Stablehouse.

The platform is tailored to serve financial institutions and high-net-worth individuals, offering an institutional-grade trading environment. It aims to address inefficiencies in the digital asset trading space, particularly in trade execution and asset protection.

XBTO’s ProTrading platform integrates advanced technology, including a Smart Order Router and a comprehensive counterparty network, to streamline trade execution.

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More Crypto Firms Move to Abu UAE

In May 2024, crypto options trading platform QCP Capital received in-principle approval for regulated digital asset activities from ADGM. QCP is now the first Singapore-based crypto market maker and broker to receive a preliminary license in the region.

Additionally, popular firm Chainalysis recently established regional headquarters in Dubai. The company is actively engaging with local government stakeholders to provide advice on regulatory development in the crypto industry.

Earlier this year, Swiss crypto asset manager, Digital Asset Solutions (DAS), announced its expansion into the UAE with the appointment of Csaba Dekany, a Swiss financial professional, as a strategic partner.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.