XBTO Secures In Principle Approval from ADGM to Operate in the UAE

CoinMarketCap09-11

Digital assets management firm XBTO has secured in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to begin operations in the UAE. ...

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ADS","IPA":"Immunoprecise Antibodies Ltd"},"translate_title":"XBTO原则上获得ADGM批准在阿联酋运营","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ADGM":1,"BMA":1,"IPA":1,"UAE":1},"content_text":"Digital assets management firm XBTO has secured in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to begin operations in the UAE.\nThe firm, which provides digital asset services for institutional investors outside the US, will continue to run its existing offices in Bermuda, London, and Paris, while leveraging its Abu Dhabi presence to better serve clients in the Middle East, according to a company statement.\nThis development comes as the Middle East solidifies its status as a key destination for crypto businesses, positioning the region as a leading global hub for capital flowing into both traditional and digital assets.\nXBTO Founder and CEO Philippe Bekhazi  said, “Receiving an In Principle Approval is a significant step forward for XBTO in establishing a strong presence in the rapidly growing Gulf region.” He explained that the UAE was selected due to its potential to become a global hub for digital asset businesses. “I’m excited to see this area of the business develop in the coming months and years,” Philippe added.\nThe IPA represents a major milestone in XBTO’s ongoing journey to become a regulated digital assets firm across various jurisdictions. XBTO is currently regulated by the Bermuda Monetary Authority (BMA) and is in the process of applying for licenses in both the UK and France.\nADGM has emerged as the fastest-growing financial center in the region, with assets under management (AUM) rising by 211% in Q1 2024 compared to Q1 2023. Abu Dhabi is also rapidly attracting its target clientele, including family offices, traditional and crypto-native macro hedge funds, high-net-worth individuals, blockchain protocols, VC funds, and brokerages, fueled by prominent financial institutions launching operations there in the past year.\nEarlier this year, XBTO was selected by the Hub71 Digital Asset program, highlighting the company’s commitment to building a successful digital asset ecosystem out of Abu Dhabi.\nKarl Naïm, Global Head of Business Development & General Manager of XBTO Middle East, emphasized the exciting growth in the region, stating, “This is an exciting time for digital assets, the UAE and surrounding countries. XBTO is working with organizations across the region and we look forward to working hand in hand with the regulator, decision makers and institutions to help build a thriving and leading digital assets ecosystem from Abu Dhabi.”\nXBTO will maintain its global headquarters in Bermuda and its European offices in Paris and London, while leveraging its Abu Dhabi base to better serve the Middle East. The company is well-positioned for expansion, with its actively managed strategies seeing AUM grow 11-fold in 2024. In line with its long-term commitment to the UAE, and subject to regulatory approval for the FSP, XBTO plans to continue investing in its presence in the region.\nThe post XBTO Secures In Principle Approval from ADGM to Operate in the UAE appeared first on UNLOCK Blockchain.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2466478977"}