BurjX, a UAE-based digital asset brokerage, has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The approval brings the platform closer to launching as a fully regulated digital asset trading and custody provider.
BurjX Targets Compliant Crypto in MENA
BurjX offers access to digital assets like Bitcoin,Ethereum, and Solana. Designed specifically for the MENA region, the platform is in the final stages of regulatory approval and aims to set new standards for compliant crypto trading and custody. ADGM, known for its pioneering virtual asset regulatory framework, plays a key role in this process.
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Platform Expected to Launch This Year
The platform was founded by Omar Abbas, co-founder of NDAX, a Canadian cryptocurrency exchange, and Adam Ferris, a former Goldman Sachs executive. With final approval expected soon, BurjX is preparing to launch later this year. It will offer a suite of trading and custody services for retail, professional, and institutional traders.
For security, BurjX has partnered with Fireblocks to integrate multi-party computation (MPC) technology, along with other security protocols. This ensures asset protection, secure transfers, and real-time risk management.
You may find it interesting at FinanceMagnates.com: DFSA Publishes List of “Recognised Crypto Tokens” as Changes Take Effect.
ADGM Partners with Chainlink for Tokenization
Meanwhile, ADGM has signed a Memorandum of Understanding with Chainlink to support the development of compliant tokenization frameworks. Under the agreement, Chainlink will provide technical expertise to projects overseen by ADGM’s Registration Authority.
The collaboration focuses on advancing the use of tokenized assets within a regulatory framework. It also includes plans for educational events on blockchain, interoperability, and related technologies, supporting ADGM’s broader efforts to encourage regulated innovation in digital finance.
This article was written by Tareq Sikder at www.financemagnates.com.
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