Group Co.
Arabian Bourse Receives Initial Approval for Crypto Asset Exchange and Custodian
Traders Magazine Online News, June 14, 2019
GMEX Group (GMEX), a digital business and technology solutions firm for exchange and post-trade operators, and Arshad Khan, regional exchanges founder and business expert are pleased to announce the completion of the latest phase in the creation of their joint venture, Arabian Bourse (ABX), set up under Abu Dhabi Global Market (ADGM). Based in the United Arab Emirates (UAE), ABX aims to be a fully regulated, first of its kind crypto asset exchange and custodian initiative; that focuses on global institutional and retail traders.
ABX is implementing the proven GMEX Fusion hybrid centralised & blockchain distributed ledger technology suite, which is deployed and trusted by international regulated financial institutions around the globe. With a goal to be the leading institutional grade crypto assets exchange and custodian in the region, ABX is building a fully integrated ecosystem to become the preferred venue for crypto assets listing, trading and settlement with associated digital custody, depository and data services.
ABX has chosen to be based in ADGM, Abu Dhabi, to benefit from the enlightened crypto asset regulatory framework, rapidly growing crypto asset industry in the region, concentration of global financial institutions and a trusted regulatory regime.
Bringing together crypto asset holders, blockchain technology opportunities and related strategic investments, the ABX ecosystem will ultimately act as a bridge, aggregating Middle East and Northern Africa (MENA) digital assets activity with other major digital asset centres around the world.
ABX promoters bring together decades of experience in setting up and operating financial exchanges in the region and internationally. This uniqueness of ABX shall be its core strength to achieve the objective of establishing a seamless, secure and liquid digital assets eco-system in the region.
Arshad Khan, Co-founder and CEO of Arabian Bourse said “The last few years have seen remarkable growth in the largely unregulated digital-assets market. ABX will address this issue by offering a fully regulated, robust and transparent eco-system.” He added “Receiving in-principal regulatory approval for ABX from the Financial Services Regulatory Authority of Abu Dhabi Global Market is a key milestone in the establishment of the new crypto asset exchange and custodian.”
Hirander Misra, Chairman & CEO at GMEX Group and Vice Chairman at Arabian Bourse, commented “By bringing together proven market expertise and technology with a deep understanding of the exchange landscape in the Middle East, our partnership approach has ensured we can deliver an innovative market infrastructure solution in a highly credible regulated environment.” Adding “we look forward to obtaining the final licences to launch the digital exchange and custodian.”
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