Tungsten Launches First UAE-Regulated Custody Platform for Digital Assets

UAE-based Tungsten has made its debut after securing a license from the Financial Services Regulatory Authority (FSRA) to operate within the Abu Dhabi Global Market (ADGM). Positioned as the inaugural UAE-developed and regulated custody platform, Tungsten is tailor-made to securely store digital assets specifically catering to institutional investors.

The launch comes amidst a burgeoning interest in digital assets, with the UAE witnessing a significant influx of over US$34.9 billion in digital asset value within the span of 12 months leading up to July 2023. Notably, approximately 67% of these transactions, totaling US$23 billion, were executed by institutional investors, underscoring a substantial opportunity for specialized digital assets custody solutions.

In addressing the operational challenges and security concerns associated with managing digital assets internally, Tungsten aims to provide a reliable, regulated custody solution. Arvind Ramamurthy, Chief of Market Development at ADGM, commended Tungsten's entry into Abu Dhabi's financial landscape, emphasizing the need for robust risk management services to ensure secure investment avenues within the evolving digital asset space.

With plans to expand its clientele in 2024, Tungsten aims to meet the escalating demand from regional institutional investors, family offices, asset managers, and high-net-worth individuals. Strategic recruitment efforts across key functions and investments in cutting-edge technology are also on the agenda to further bolster security measures.

"Digital assets present unprecedented opportunities across generations, yet the cornerstone of realising their potential lies in establishing a trusted investment environment. The UAE is at the forefront of this transformation, crafting a robust framework for digital assets that not only sets a global benchmark but also positions it as a pioneering force in the finance sector of tomorrow," said Chris Desjardins, Tungsten's Founder and Senior Executive Officer.