Zodia Markets Expands into UAE, Gets In-Principle Approval for Crypto License from ADGM

Zodia Markets, an institution-first crypto trading leader, is extending its footprints into the UAE. The Standard Chartered-backed company announced on Wednesday the obtainment of In-Principle Approval for a Financial Services Permission from Abu Dhabi Global Market (ADGM), the international financial centre of the UAE's Capital. 

This will allow Zodia to launch regulated activities as an OTC broker-dealer in virtual assets in the region.

Commenting on this expansion, Andrew Price, Chief Compliance Officer of Zodia Markets said, "Abu Dhabi has already established a clear and forward-looking virtual asset regulatory framework. This early adoption and foresight have enabled it to attract innovation, talent and investment while raising the bar for compliance in virtual asset firms. It has been a pleasure working with the FSRA so far and I look forward to deepening our roots in the region."

Usman Ahmad, CEO of Zodia Markets said, "We are delighted to achieve this milestone on the journey to establish ourselves in the Middle East. We are excited at the opportunities this will open up for our business and this demonstrates progress in our expansion as a leading institution-first digital asset trading business. Our goal is to provide institutions seamless access to trade digital assets without compromising on the standards and controls that exist in traditional financial markets."

This development follows Zodia's registration​ in March as a Virtual Asset Service Provider (VASP) by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.