Cryptocurrency platform HAYVN has received an in-principle approval (IPA) from the Financial Services Regulatory Authority, the regulatory body connected to the Abu Dhabi Global Market
With this IPA, the Over the Counter (OTC) and custody platform-HAYVN can now carry out a digital currency platform in Abu Dhabi Global Market London, Abu Dhabi.
The platform will offer over-the-counter trading as well as cryptocurrency custody. Both digital assets and fiat will be held in an escrow.
The Gulf is renowned as a centre of finance and innovation, so we are delighted to be one step closer to operating in the region"
HAYVN aims to provide an over-the-counter cryptocurrency platform and storage service to family offices, hedge funds, asset managers and UHNWIs, as co-founder Ahmed Ismail told International Investment. The platform also plans to get approvals from UK regulators.
"The Gulf is renowned as a centre of finance and innovation, so we are delighted to be one step closer to operating in the region," Ismail said in a statement.
He further added that the company plans to raise the caliber standards of the digital currencies and will seek a raised "standard for investors."
Christopher Flinos, also the co-Ffounder of the company said: "Digital currencies have the potential to transform capital markets and offer investors an exciting new asset class to diversify their portfolios."
"However, we believe this can only happen if institutional investors get on board, and they won't do this until our nascent industry embraces effective regulation and compliance."
HAYVN offers clients a secure platform to buy and sell digital currency directly from one another in exchange for fiat currency as well as holds both digital currency and fiat in escrow and facilitates transfer as part of the settlement of transactions conducted on its platform in a safe, secure and transparent environment.