Recently there is a news that a US crypto firm is all set to operate in Abu Dhabi. The firm is a well-known provider of financial technology products for the token based issue and security trades. Its based in the US and known by the name Securrency.

The crypto-asset business will be regulated under the new Abu Dhabi Global Market(ADGM), a regulatory framework in UAE’s capital.

The very first step that the firm will take is to file an application with the Financial Services Regulatory Authority (FSRA) of ADGM in order to take over the license so it could continue with the business. The second step will then be the partnership with blockchain companies to introduce the fully-regulated organization for the clients abroad.

Securrency will offer the custodial services of the crypto and also exchange platform which will access large-scale global liquidity. Also, it includes compliance in the onboarding, subscription, enrolment and issuance process. The company ensures that the tokenized securities remain intact even after issuance of them, for that purpose they use Compliance Aware Token TM technology. They also include secondary-market trading.

John Hensel who is the chief operating officer of Securrency and also the senior executive officer of Securrency MENA said that the organization’s goal is to launch a fully-regulated exchange for asset classes through ADGM’s existing system. He stated,

“This is the only way to provide stability, overcome challenges and ultimately, facilitate economic development via investment opportunities, particularly for private equity and institutional investors in this region.”

Wai Lum Kwok, executive director, Capital Markets and Financial Services Regulatory Authority of ADGM added further that they welcome the young and innovative minds, business and financial companies to make use of their platform to organize and make their business grow. He appreciates the efforts of Securrency and says,

“We are encouraged by Securrency’s plans to submit an application to set up a marketplace for digital assets in ADGM. Along with their strategic partners, Securrency will leverage our comprehensive regulatory regime to foster governance, efficiency, and transparency in crypto asset activities.”

The protocol of Securrency can be utilized on Ethereum, Stellar, Ripple and EOS and few other ledgers. This will allow the on-chain and off-chain movement of tokens.

Image courtesy: Securrency

For more updates, stay tuned to CoinTopper.com