Arabian Bourse (ABX) has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market to set up a first-of-its-kind crypto asset exchange and custodian, reports Jane Connolly.
ABX is a joint venture by GMEX Group – provider of digital solutions for exchange and post-trade operators – and regional exchanges founder, Arshad Khan, focused on global institutional and retail traders.
Using the GMEX Fusion hybrid centralised and blockchain distributed ledger technology suite, ABX aims to build a fully integrated ecosystem for crypto asset listings, trading and settlement with associated digital custody, depository and data services.
“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 ecosystem,” Arshad Khan, co-founder and CEO of ABX.
Hirander Misra, chairman and CEO at GMEX Group and vice chairman at Arabian Bourse, believes that the partnership will bring proven market expertise and technology, with a deep understanding of the exchange landscape in the Middle East.
“Our partnership approach has ensured we can deliver an innovative market infrastructure solution in a highly credible regulated environment. We look forward to obtaining the final licences to launch the digital exchange and custodian,” he adds.
ABX aims to connect the Middle East and Northern Africa (MENA) region to other major digital assets centres around the world.