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Hayvn receives preliminary license from UAE for crypto asset OTC Platform

Hayvn receives preliminary license from UAE for crypto asset OTC Platform

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HAYVN, the global digital currencies platform, has received in-principle approval (IPA) from the Financial Services Regulatory Authority (“FSRA”), the financial regulator of the Abu Dhabi Global Market. HAYVN aims to carry out specific regulated activities as soon as it receives the final regulatory approval. HAYVN offers clients a highly secure platform to buy and sell digital currency directly from one another in exchange for fiat currency. HAYVN securely holds both digital currency and fiat in escrow and facilitates transfer as part of the settlement of transactions conducted on its platform in a safe, secure and transparent environment. 

The platform will enable significant volumes of digital currency to be bought and sold easily and securely with OTC transactions directly between counterparties such as institutional investors, banks, hedge funds, asset managers, liquidity providers, and UHNWIs. Ahmed Ismail, HAYVN co-founder, stated, “It is an honour to achieve an in-principle approval from the FSRA and to gain legitimacy from the world-leading standard provider in digital asset regulation. The Gulf is renowned as a centre of finance and innovation, so we are delighted to be one step closer to operating in the region. HAYVN seeks to recalibrate the standards of digital currencies and demands a higher standard for investors; today’s approval is a vital step forward in achieving this.”

Chhristopher Flinos, HAYVN co-founder, added, “Digital currencies have the potential to transform capital markets and offer investors an exciting new asset class to diversify their portfolios. However, we believe this can only happen if institutional investors get on board, and they won’t do this until our nascent industry embraces effective regulation and compliance.  Institutional investors are looking for partners that can offer safeguards and critically the confidence that the traditional financial eco-system provides. With today’s announcement we intend to fill this gap, to ultimately provide investors with an effectively regulated and fully compliant platform to buy and sell digital currencies safely, securely and efficiently.”

 

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