Arabian House, crypto asset exchange based in the United Arab Emirates has got a regulatory Approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). The news was initially shared by financial news site Market Media on June 6.
GMEX Group is mainly a group of firms providing multi-asset exchange trading, post-trade infrastructure, and business and technology solutions. The Arabian Bourse Project developed together under the founder of the regional exchange Arshad Khan focuses to provide a fully-regulated crypto-asset exchange and custodian with the main purpose on global institutions and retail traders.
ABX is currently executing proven GMEX Fusion hybrid centralized blockchain distributed ledger technology solutions, which is used and trusted by international regulated financial institutions around the globe. GMEX Group and Arshad Khan are focusing on developing an integrated ecosystem to become the preferred venue for crypto assets listing, trading and settlement with associated digital custody, depository and data services.
ABX is to be situated in the Abu Dhabi Global Market Authorities Building allegedly to take advantage from the enlightened crypto asset regulatory framework, rapidly growing crypto asset industry in the region, concentration of global financial institutions and a trusted regulatory regime.
By introducing various crypto asset holders, blockchain technology opportunities and other strategic investments, the Arabian Bourse ecosystem will finally act as a bridge, joining Middle East and Northern Africa (MENA) digital assets activity with leading digital asset centers across the globe.
Arshad Khan, who is the Co-Founder and CEO of Arabian House stated: “The last few years have seen remarkable growth in the largely unregulated digital-assets market. ABX will address this issue by offering a fully regulated, robust and transparent eco-system.”
“Receiving in-principal regulatory approval for ABX from the Financial Services Regulatory Authority of Abu Dhabi Global Market is a key milestone in the establishment of the new crypto asset exchange and custodian,” he added.
Harinder Mishra, Chairmen & CEO at GMEX Group Vice Chairman at Arabian House said, “By bringing together proven market expertise and technology with a deep understanding of the exchange landscape in the Middle East, our partnership approach has ensured we can deliver an innovative market infrastructure solution in a highly credible regulated environment.”
He further said we look ahead to getting the final licenses to launch the digital exchange and custodian.