Regulatory Series on Cryptocurrencies: ABX obtains primary consent from UAE regulators for crypto exchange and custodial operations

Of late, the regulatory approach across the globe is getting meticulous day by day, we constantly kept reiterating that the U.S. SEC’s rigid approach on the crypto regulation has prolonged while having embraced the crypto-markets even while fighting to fend off fraud.

But for this time in UAE region, Arabian Bourse (ABX), an establishment under Abu Dhabi Global Market (ADGM), stated that it has unveiled crypto asset exchange and custodian initiative to concentrate on institutional and retail traders across the globe, as per the gulf news reports.

The United Arab Emirates-based crypto asset exchange and custodian Arabian Bourse (ABX) which happens to be a joint venture between GMEX Group and Arshad Khan, seems to have received initial regulatory approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM).

GMEX Group is a set of firms offering multi-asset exchange trading, post-trade infrastructure, and business and technology solutions. Whereas the Arabian Bourse project established together with regional exchanges founder Arshad Khan intends to serve as a compliant, fully-regulated crypto asset exchange and custodian with a focus on international institutional and retail traders.

Currency Strength Index: FxWirePro's hourly USD spot index is inching towards 75 levels (which is bullish), while hourly BTC spot index was at -160 (highly bearish) while articulating (at 12:29 GMT).

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