The Financial Services Regulatory Authority (FSRA) of Abu Dhabi has granted in-principle approval (IPA) to XBTO, a digital assets finance management company. This move advances the business’s pursuit of a complete licence to provide cryptocurrency services in the United Arab Emirates.
Already operating from its offices in Bermuda, London, and Paris, XBTO is well-known for serving institutional investors who are not based in the United States. The company intends to extend its reach and take advantage of the advantageous position to better service the Middle Eastern markets by opening a new office in Abu Dhabi.
Middle Eastern Expansion through Strategy
The announcement of XBTO’s entry into Abu Dhabi coincides with the Middle East’s growing reputation as a crypto-friendly area. The business thinks that entering this market will help it interact with local stakeholders on a more personal level at a time when there are a lot of talks about the importance of digital assets to the economy and possible systemic threats.
It is no coincidence that Abu Dhabi was chosen for this expansion. The Abu Dhabi Global Market (ADGM) regulatory authority, the Financial Services Regulatory Authority (FSRA), is renowned for its progressive outlook and all-encompassing structure that oversees virtual asset operations, including exchanges, custodians, brokers, and other intermediaries. A wide spectrum of clients, including family offices, macro hedge funds, high net worth individuals, blockchain protocols, venture capital funds, and brokerages, have already shown interest in this regulatory environment.
Dedicated to the UAE’s Long-Term Growth
XBTO is dedicated to maintaining a long-term presence in the United Arab Emirates and intends to increase its market share in the area through additional investments, subject to regulatory clearance for a Financial Services Permission (FSP). The company’s earlier this year selection for the Hub71 Digital Asset initiative, which fosters the development of promising fintech and digital asset startups, is indicative of its dedication to the UAE.
The founder and CEO of XBTO, Philippe Bekhazi, stressed the importance of the in-principle approval. “Receiving an In-Principle Approval is a significant step forward for XBTO in establishing a strong presence in the rapidly growing Gulf region,” he said. Bekhazi also reaffirmed XBTO’s goal to expand its activities in the upcoming years by expressing his opinion that the UAE has the potential to evolve into a worldwide hub for companies dealing in digital assets.
The prospects in the area were emphasised by Karl Naïm, Global Head of Business Development and General Manager for XBTO Middle East, who noted that numerous local stakeholders had a great interest in digital assets. Naïm declared, “This is an exciting time for digital assets, the UAE, and surrounding countries,” and XBTO expressed its eagerness to collaborate with institutions, regulators, and decision-makers to help establish a preeminent digital assets ecosystem in Abu Dhabi.
Launch of the ProTrading Platform XBTO
In keeping with its growth objectives, XBTO recently unveiled its ProTrading platform after acquiring Stablehouse, a Bermuda Monetary Authority-licensed provider of digital assets. The platform addresses major inefficiencies in digital asset trading by offering financial institutions and high-net-worth individuals an institutional-grade trading environment.
Advanced capabilities like a Smart Order Router and an extensive counterparty network are available on the ProTrading platform to address problems like uneven risk and inefficient trade execution. Through the incorporation of Talos technology into its UI, XBTO provides a smooth trading experience that connects traditional finance and decentralised finance (DeFi).
The platform offers a high-touch service environment with additional services such an Over-The-Counter (OTC) Trading Desk and a personal Relationship Manager. Strong asset protection is further ensured by the integration of XBTO Trader UI with a ProTrading access account within the XBTO-Stablehouse Custody platform. This is an important consideration for both institutional and individual investors.
By launching these programs, XBTO hopes to establish itself as a major force in the rapidly changing global cryptocurrency market by offering a comprehensive solution for trading, custody, and management of digital assets.
