Securrency, a US-based provider of financial technology products for the tokenised issuance and trading of securities, is set to open a crypto-asset business under the new Abu Dhabi Global Market (ADGM) regulatory framework in the UAE’s capital.
The firm will file an application with the Financial Services Regulatory Authority (FSRA) of ADGM to secure its licence to operate the business, after which it will partner with blockchain companies to launch the fully-regulated firm for international clients.
The company will offer crypto custodial services and an exchange platform accessing large-scale global liquidity.
Securrency’s services enforce compliance in the onboarding, subscription, enrolment and issuance process. They also use Compliance Aware TokenTM technology to ensure tokenised securities remain compliant after issuance – including in secondary-market trading.
John Hensel, chief operating officer of Securrency and senior executive officer of Securrency MENA, said the firm aims to launch fully-regulated exchanges for both asset classes via ADGM’s existing regulatory framework.
“This is the only way to provide stability, overcome challenges and ultimately, facilitate economic development via investment opportunities, particularly for private equity and institutional investors in this region,” he said.
Wai Lum Kwok, executive director, Capital Markets, Financial Services Regulatory Authority of ADGM, added that the authority welcomes innovators, businesses, and financial firms to make use of its regulated platform to conduct and grow their businesses.
“We are encouraged by Securrency’s plans to submit an application to set up a marketplace for digital assets in ADGM,” he said. “Along with their strategic partners, Securrency will leverage our comprehensive regulatory regime to foster governance, efficiency and transparency in crypto asset activities.”
Securrency’s protocol can be used on Ethereum, Stellar, Ripple and EOS and other ledgers, allowing for on-chain and off-chain movement of tokens.