Crypto exchange ABX gets initial regulatory approval in UAE

Cryptocurrency custodian Arabian Bourse (ABX), a joint venture between GMX Group and Arshad Khan, has received in-principal approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market to establish and operate a fully integrated crypto-asset exchange and custodian in the United Arab Emirates.

With a particular focus on international institutional and retail traders, ABX will implement the technology from GMEX Groups’ blockchain business, called GMEX Fusion, which is a “hybrid centralized and blockchain distributed ledger technology solutions.”

“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,” Arshad Khan, Arabian Bourse Co-Founder and CEO, said.

In its press release, ABX said it aims to become an “integrated ecosystem for crypto assets listing, trading, and settlement with associated digital custody, depository and data services.” The upcoming ecosystem aims to bridge the digital asset activities across the Middle East and Northern Africa with other crypto centers around the world.

ABX will reportedly be based in the Abu Dhabi Global Market Authorities Building to take advantage of the city’s positive crypto-asset regulatory framework, the booming crypto-asset industry, and the high concentration of international financial institutions.

Meanwhile, Dubai Land Department (DLD) and Emirati’s Etisalat have recently signed a Memorandum of Understanding on real estate blockchain technology that will see both parties implement smart government standards, introduce paperless management and digital contracts, and launch blockchain strategy using DLD’s Ejari application.