Arabian Bourse (ABX) aims to be a fully regulated crypto asset exchange and custodian based in Abu Dhabi.
It has been granted initial approval by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
Its development will be led by Arshad Khan, co-founder and chief executive of Arabian Bourse, in a joint venture with digital business solutions provider GMEX Group. Mr. Khan said;
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.
In due course, the company expects to be granted final licenses in order to fully launch the digital exchange.
The initial product plan of ABS is crypto to cash and crypto pair trading; later ABX aims to move into trading options and futures on cryptos, and trading of crypto to commodity swaps. Once the Crypto asset class segment is fully operational ABX will diversify into new Security Token Offerings (STOs) and Initial Coin Offerings (ICOs), subject of course to regulatory approval.
According to Markets Mediz, ABX implements technology from GMEX Group’s blockchain business, specifically its suite of “hybrid centralized and blockchain distributed ledger technology solutions,” dubbed GMEX Fusion.
In mid-May UAE-based cryptocurrency exchange BitOasis also secured preliminary approval with financial regulators and, likewise, is now in the process of satisfying further requirements in order to receive its full license.
Data released by CoinSchedule this April indicated that the UAE had been the world’s biggest contributor to crypto token sales since the start of 2019 (raising over 25% of funds, or $210.5 million).
Cryptocurrency and in particular Bitcoin has been enjoying the effects of a bull market and is currently trading at around $8ooo,00 or AED29,705.