Zodia Markets Receives ADGM Nod for OTC Crypto Operations

Zodia Markets, a digital asset marketplace supported by Standard Chartered Ventures, has been approved in principle to operate as an over-the-counter (OTC) cryptocurrency broker-dealer in Abu Dhabi, according to a statement issued by the company on Wednesday.

Abu Dhabi Global Market (ADGM), a global financial center in the United Arab Emirates, granted the clearance.

ADGM has been attempting to attract enterprises associated with cryptocurrencies. The in-principle stage is the third stage of a five-stage application procedure.

According to the guidance provided by the ADGM, the following steps involve obtaining final approval and undergoing an “operational launch” test.

The ADGM was among the first to implement a specialized licensing system for businesses that offer services related to virtual assets.

In February, Abu Dhabi launched an initiative with a budget of two billion dollars to support Web3 ventures.

In addition to other approvals, the center issued a license to the M2 virtual asset platform at the end of the previous month.

A permit was given to the cryptocurrency exchange Rain in July.

According to the CEO of the ADGM Authority, Salem Mohammed Al Darei, “the harmony of traditional and new-age finance in Abu Dhabi with an international leading digital asset firm such as Zodia Markets and the well-established Standard Chartered will contribute to further enhancing the attractiveness of ADGM as a preferred location for global entities.”

This statement was made about the fact that Standard Chartered supports Zodia Markets.

According to the announcement, Zodia Markets has selected Abu Dabhi, the capital of the United Arab Emirates, as a strategic expansion location to provide institutional investors in the Middle East and Africa with access to cryptocurrency trading.