UAE-Based Crypto Exchange, Arabian Bourse Achieves Preliminary Approval
Arabian Bourse (ABX), a United Arab Emirates (UAE) based crypto asset exchange and custodian, a joint venture from GMEX Group and Arshad Khan receives initial regulatory approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). As reported by financial news website Markets Media on June 6.
It is a set of firms that offers solutions such as multi-asset exchange trading, post-trade infrastructure, and business and technology. Established in association with regional exchanges founder Arshad Khan, the Arabian Bourse project aims at serving as a compliant, fully-regulated crypto asset exchange and custodian with a focus on international institutional and retail traders.
As per Markets Mediz, the ABX utilizes the technology from GMEX Group’s blockchain business, specifically its suite of “hybrid centralized and blockchain distributed ledger technology solutions,” dubbed GMEX Fusion.
Reportedly, GMEX Group and Arshad Khan are developing ABX as an “integrated ecosystem for crypto assets listing, trading and settlement with associated digital custody, depository and data services.” Notably, the forthcoming ecosystem is planning to bridge crypto activity in the Middle East and Northern Africa with other international crypto centers.
ABX will be based in the Abu Dhabi Global Market Authorities Building, in order to benefit from the city’s proactive crypto asset regulatory framework, high concentration of international financial institutions, and the ostensibly rapidly developing crypto asset industry in the wider region.