New crypto exchange to be launched in UAE
DEX Exchange secures provisional approval for crypto asset exchange
DEX (Digital Assets Exchange) has secured, in principle, approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate a Crypto Asset Exchange.
CEO and Founder of DEX Leon Smith said, “This is a significant milestone achieved for DEX and we are excited to be a part of the United Arab Emirates’ (UAE) financial growth. It’s exciting to be a part of a regulatory landscape that will help shape the international digital asset exchange ecosystem and encourage institutional participation in digital assets as an alternative asset class.”
DEX will provide a platform for both retail and institutional grade investors to invest.
The company will, subject to receipt of FSRA’s final approval, operate as a regulated Crypto Asset Exchange and Crypto Asset Custodian under the Operating a Crypto Asset Business (OCAB) framework as enacted by the FSRA that oversees all crypto asset and financial services activities in the Abu Dhabi Global Market (ADGM). The exchange will act as a fiat to crypto asset exchange with major international currencies being served as well as local currency pairings native to the UAE/GCC markets.