Abu Dhabi-based crypto asset exchange, Matrix Exchange has received an In-Principle Approval (IPA) from by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) to operate as a crypto asset exchange and custodian in ADGM. The approval was given in July.
With digital assets becoming popular alternative investments, compliance is increasingly significant for investors and customers. “The IPA is an important milestone. Subject to regulatory approvals by the FSRA, Matrix Exchange aims to be a recognized regulated crypto asset exchange in the Middle East. It gives us the legitimacy to provide compliant, secure and reliable digital asset transactions for users when we are fully operational.” Stated, Matrix Exchange Chairman James Wo said.
With a particular focus on the UAE market, Matrix Exchange is also dedicated to establishing a world-class regulated exchange for international investors. Matrix Exchange is sponsored by Digital Finance Group (DFG), which operates investments in both primary and secondary markets. DFG’s blockchain private equity fund has invested in excellent companies including Circle, LedgerX and more. DFG also provides support for ETC & ETH infrastructure projects, manages AToken (light wallet), BIKA (cryptocurrency market & info platform) and more.
Matrix is not the first crypto asset exchange in AbuDhabi to be granted approval. So far DEX Exchange in UAE, Bitoasis, ABX Cryptoexchange, Havyn and Midchains among others. This is posed to make AbuDhabi a crypto asset regulated hub in the region.