A United Arab Emirates (UAE) crypto asset exchange called, Arabian Bourse (ABX), is set to be approved by the nation’s regulators.
According to a press release, Arabian Bourse (ABX), a venture made through the partnership between GMEX Group and regional exchange founder, Arshad Khan, is said to have initial approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM).
The Arabian Bourse project seeks to be a compliant and a fully-regulated crypto asset exchange & custodian. ABX will be focusing on international institutional and retail traders and will be based upon GMEXs blockchain dubbed GMEX fusion.
The primary focus for the ecosystem will be to provide a link between crypto users in the Middle East and North Africa.
As further noted by the press release, ABX will be an “integrated ecosystem for crypto assets listing, trading, and settlement with associated digital custody, depository, and data services.”
Situated in Abu Dhabi’s Global Market authority’s building, the company is looking to capitalize on the ever-growing crypto community in the region and the relaxed regulations that haven’t stifled the industry’s growth.
The UAE’s acceptance of crypto and the blockchain industry as a whole is evident. In May of this year, a UAE-based cryptocurrency exchange, BitOasis, secured preliminary approval with financial regulators.
Additionally, the crypto movement is gaining momentum. As captured by a report by CoinSchedule, the UAE has been the world’s most significant contributor to crypto token sales since the start of 2019, raising over 25% of funds equivalent $210.5 million.
The UAE also has plans to create its own national cryptocurrency alongside their neighbors, Saudi Arabia. The cross border payment currency will, according to reports, create a way for national and local banks to transfer money between each country and provide a basis for future involvement with digital currencies.