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Zodia Markets Granted Approval in Precept to Function as OTC Crypto Dealer-Seller in Abu Dhabi
Crypto Information – Zodia Markets, a digital asset market backed by Commonplace Chartered Ventures, introduced on Wednesday that it has secured preliminary approval to function as an over-the-counter (OTC) crypto broker-dealer in Abu Dhabi.
This significant approval was granted by the Abu Dhabi International Market (ADGM), a world monetary hub throughout the United Arab Emirates that has been actively attracting companies within the cryptocurrency sector. The preliminary approval marks the third part of a complete five-stage software course of, with the next phases involving ultimate approval and a rigorous “operational launch” evaluation, as per ADGM tips.
The ADGM had beforehand established itself as an early advocate for implementing a tailor-made licensing framework for digital asset service suppliers. In February, Abu Dhabi initiated a considerable $2 billion initiative geared toward supporting Web3 tasks. Notably, prior to now month, the ADGM issued licenses to the digital asset platform M2 and the crypto change Rain.
Salem Mohammed Al Darei, CEO of ADGM Authority, commented on this improvement, stating, “The harmonious coexistence of conventional and fashionable finance in Abu Dhabi, coupled with the presence of a globally acknowledged digital asset agency like Zodia Markets, backed by the respected Commonplace Chartered, will undoubtedly improve ADGM’s attraction as the popular vacation spot for international entities.”
Zodia Markets strategically chosen Abu Dhabi, the capital of the UAE, for its growth plans, aiming to supply institutional buyers within the Center East and Africa with streamlined entry to the world of cryptocurrencies, as detailed of their official announcement.
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