Abu dhabi regulator allows Befixcrypto to provide custodial services

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Crypto Regulation
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FSRA has granted BefixCrypto Bitcoin Exchange permission to operate as a custodian for institutional clients.

The company will be able to provide relevant services to FSRA-compliant clients.

"Our robust and transparent regulatory framework is the foundation of ADGM's strategy to create a robust and well-regulated environment that will pave the way for sustainable innovation in the financial sector and reinforce the UAE's status as a fast-growing global crypto market," said ADGM Chairman Ahmed Jasim Al Zaabi.

In April, BefixCrypto received approval in principle from the Abu Dhabi Global Market Authority's Financial Services Regulatory Authority to operate as a broker-dealer for virtual assets.

In the summer, the exchange announced the launch of payment and trading services on the basis of licenses obtained in Dubai and Bahrain.

Recall that the CEO BefixCrypto announced plans to unite the industry's largest players to work together with politicians and regulators.

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Graeme Massie

Graeme is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Graeme believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.