Regional exchanges founder Arshad Khan and GMEX Group, a leader in digital business and technology solutions for exchanges and post-trade operators, have announced that their joint venture, the Arabian Bourse (ABX), has received initial approval to operate as a crypto asset exchange and custodian from Abu Dhabi’s financial regulator.
According to a June 6th report by Markets Media, Arshad Khan, co-founder & CEO at Arabian Bourse, said receiving approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) marks a milestone in the establishment of the new crypto asset exchange and custodian.
ABX will reportedly focus on global institutional and retail traders. Markets Media disclosed that it will also implement GMEX Group’s “hybrid centralized and blockchain distributed ledger technology solutions” known as GMEX Fusion.
ABX aims to become the leading institutional-grade crypto assets exchange and custodian in the region. To achieve this goal, the company is building a fully integrated ecosystem — with associated digital custody, depository and data services — to ensure it is the preferred venue for crypto assets listing, trading, and settlement.
The choice to base ABX under the ADGM is due to Abu Dhabi’s proactive crypto asset regulatory framework. The UAE capital has demonstrated significant growth and acceptance of crypto assets. It also features a high concentration of global financial institutions, while offering a trusted regulatory regime.
According to Markets Media, the ABX ecosystem will eventually act as a bridge to connect the Middle East and North Africa digital assets activity with the rest of the world’s major digital asset hubs. Crypto asset holders have the opportunity to work together, exposing them to blockchain technology opportunities and related strategic investments.
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