Standard Chartered-Backed Zodia Markets Receives In-Principle Approval as Crypto Broker-Dealer From ADGM

Zodia Markets, the digital asset platform backed by Standard Chartered, has received in-principle approval (IPA) from Abu Dhabi Global Market (ADGM) to operate as an over-the-counter (OTC) broker-dealer in virtual assets. This IPA fulfills the prerequisites for Zodia Markets to obtain Financial Services Permission (FSP), allowing it to commence regulated activities in the UAE’s capital.

The decision to expand into the UAE comes as the region establishes itself as a rapidly emerging hub for digital assets. Zodia Markets aims to provide institutional investors from the Middle East and Africa with reliable access to this growing alternative asset class, solidifying its position as a key player in the global digital asset landscape.

Salem Mohammed Al Darei, ADGM Authority’s CEO, congratulated Zodia Markets for their achievement in securing the IPA. He warmly welcomed them into the thriving ecosystem of ADGM, highlighting its environment and attractive value proposition for asset businesses. This solidifies Abu Dhabi’s position as a destination. Al Darei also mentioned the collaboration between Zodia Markets and Standard Chartered Bank. Andrew Price, Chief Compliance Officer at Zodia Markets, commended Abu Dhabi’s thinking framework for assets. He has praised the region’s innovation, talent attraction, and high compliance standards. Usman Ahmad, CEO of Zodia Markets, expressed his delight at reaching this milestone. It showcases their progress in establishing themselves as a leading institution in asset trading while upholding financial market standards.

Zodia Markets is an institution-first digital asset marketplace supported by SC Ventures, the innovation and ventures unit of Standard Chartered, and BC Technology Group, Asia’s leading digital asset company. The company aims to be the trusted trading partner for corporations and institutions seeking to trade in digital assets without compromising on the standards associated with traditional finance.

ADGM, the international financial center of Abu Dhabi, opened for business in 2015 and serves as a strategic link between the Middle East, Africa, South Asia, and the rest of the world. Operating within an international regulatory framework based on the English Common Law, ADGM is ranked as one of the top IFCs in the Middle East and Africa region. It is recognized as MENA’s largest fintech hub, fostering a progressive and inclusive business ecosystem that attracts global financial and non-financial institutions.