US crypto firm to open in Abu Dhabi

Seccurency, a US-based provider of financial technology products for the tokenised issuance and trading of securities, is set to open a cypto-asset business under the new Abu Dhabi Global Market (ADGM) regulatory framework in the UAE’s capital.

The firm aims to partner with global blockchain companies to create and launch a fully-regulated crypto-asset business for institutional clients, worldwide.

Seccurency will offer crypto custodial services and an Abu Dhabi-based exchange platform accessing large-scale global liquidity.

The firm’s protocol can be used on Ethereum, Stellar, Ripple and EOS and other ledgers, allowing for on-chain and off-chain movement of tokens.

“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,” said John Hensel, chief operating officer of Securrency, in a statement.

Wai Lum Kwok,from the Financial Services Regulatory Authority of ADGM, added: “We are encouraged by Securrency’s plans to submit an application to set up a marketplace for digital assets in ADGM. Along with their strategic partners, Securrency will leverage our comprehensive regulatory regime to foster governance, efficiency and transparency in crypto asset activities.”

Earlier this month, a special standing committee in Saudi Arabia issued a statement reaffirming the illegality of Bitcoin and other cryptocurrencies in the kingdom, as reported by International Investment.

The move was in line with a number of websites and social media accounts promoting the digital payment methods, claiming they are “authorised” by official authorities in the kingdom. The committee denied the allegations and said “no parties or individuals are licensed for such practices”.

ABOUT THE AUTHOR
Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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