ADAB Solutions Deputy CEO: Crypto regulation will be out soon in UAE
UNLOCK met with Maxat Salpyn, Deputy CEO of Adab Solutions to discuss why build another crypto exchange in the midst of a bear market. As Salpyn explained, “We are not a startup but we created an ICO for Adab’s Islamic crypto-exchange platform because we believe in the future of crypto. We have registered in Malta and will soon be registering in the UK. We hope to register in the future in UAE as we have been informed that in a few months, regulations and legislation will be in place.”
Why launch from Dubai? According to Salpyn, “We wanted to be in a country that was close to the idea of our project, a country that would encourage creating a Shariaa Compliant Islamic Exchange. We also have advisors that are based in Dubai, Mr. Sultan Al Fahim and Mr Ali Khamis both investors.
So why develop a Shariaa Compliant Islamic Crypto-exchange? Salpyn explains, “Today 24% of the global population is Muslim and we believe we will be adding the number of crypto users by creating a platform for them. We will have a Shariaa Advisory board from three main regions across the globe, one of them is Malaysia to carry out the screening process. In addition Crypto-exchanges are much more efficient and profitable than even regular exchanges such as NASDAQ. While NASDAQ has 2500 employees BINANCE has 200 and almost makes the same profit margins.”
According to Salpyn Shariaa Compliant ICOs is trending despite the downturn in ICO investments this year. For example HalalChain who will be the first clients on the exchange. As he states, “We believe we will attract many Shariaa compliant ICOs and we will have strict requirements for them to list on our exchange. Our Shariaa team will come from different countries and we already have advisors with excellent background in Islamic Financing. We have met with many institutional investors who are willing to invest in these types of ICOs and who never had invested before in crypto.”
Adab Solutions already are in the Pre-ICO phase and although they had 700 applicants who registered only 10 could actually make the payments due to regulatory issues. The public ICO is scheduled for mid-October and currently they are on roadshows in UAE, Malaysia, Hong Kong, Singapore, Malta and other European countries. Adab Solutions community already boasts of 15,000 users on Telegram alone.
Finally Salpyn adds, “We are not just creating an Islamic Crypto exchange but next year we will also build the ADAB Solutions charity fund where 2.5% of our yearly revenues and 5% of our quarterly revenue will be placed there.”