Abu Dhabi Securrency Capital Gains Regulatory License

The firm intends to provide digital asset trading services.

It is currently seeking approval from the emirate's regulatory body.

Securrency Capital, an Abu Dhabi-based broker-dealer, stated on Tuesday that it has received a Financial Services Permission (FSP) from Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority (FSRA).

The broker-dealer is currently classified as a Category 3A brokerage by the Abu Dhabi authorities.

With the new clearance, the organization will be able to deal in investments as a matched principal and offer custodian services. It can also provide retail users with digital asset trading services.

“We will be able to harness Securrency's unrivaled patented asset tokenization technology, which automates multi-jurisdictional compliance and financial services and allows the movement of regulated value at the speed of tomorrow,” said Amir Tabch, Chairman and CEO of Securrency Capital.

Securrency Capital is a subsidiary of Securrency, Inc., a financial markets infrastructure technology provider located in the United States. It has created unique digital asset technology to help with regulatory-compliant token insurance, issuance, governance, and life cycle management.

The firm intends to provide digital asset trading services to worldwide clients via its FSP-regulated platform. It is presently awaiting more FSRA permission before offering its services.

“We intend to use [the ADGM's regulatory approval] as a foundation to further our commitment to achieving compliance with our regulatory requirements and contributing to the integrity of the financial services ecosystem for our clients and the community,” Praveer Pinto, Compliance Director at Securrency Capital, said.

The Middle East as a New Digital Asset Hub

Meanwhile, cryptocurrency firms are rushing to the Middle East in search of regulatory permits. Binance was recently granted preliminary clearance by the ADGM's authority to operate as a digital asset broker in the area. It, as well as competitors Bybit and FTX, got regulatory permission in Dubai.

“Securrency Capital will be at the heart of the vibrant and fast developing digital assets sector in ADGM that retail and institutional customers have been anticipating,” stated John Hensel, COO of Securrency, Inc.