DEX, a digital asset trading platform, announced on Tuesday that it has secured a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the United Arab Emirates (UAE).
The authorization will allow the platform to operate a regulated multilateral trading facility (MTF) and custody platform using virtual assets. DEX can now legally offer its services to both retail and accredited investors, trading firms, and institutions across the globe.
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Per the press release shared with Finance Magnates, the regulated platform will allow trading of digital currencies with all major fiat currencies, along with local currencies of UAE and GCC.
“At DEX, our goal is to provide investors with a digital assets platform that delivers a best-in-class, fully regulated trading experience,” DEX CEO Leon Smith said. “For us, that means ensuring confidence through robust regulation, transparency, and security.”
The Abu Dhabi-headquartered company is now eying to launch its trading and custody services in the third quarter of this year.
“DEX aims to provide its clientele with a regulated trading and custodial ecosystem which we believe is the future of digital asset trading on a global scale,” Smith added.
Becoming a multi-asset exchange
The company also revealed that it has future plans to secure further regulatory approval, covering additional asset classes, including digital securities, fiat tokens, options, and derivatives.
“The ADGM’s rigorous and progressive approach to digital asset regulation provides the strongest possible foundations for launching an institutional-grade platform that meets the needs of today’s participants. Obtaining this FSP as an MTF and custodian using Virtual Assets is a major milestone in our journey to provide a secure, regulated, and transparent platform covering a broad array of digital assets to our clientele,” the CEO continued.