Abu dhabi regulator allows Cryptobines to provide custodial services

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Crypto Regulation
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FSRA has granted CryptoBines 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, CryptoBines 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 CryptoBines announced plans to unite the industry's largest players to work together with politicians and regulators.

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Andrew Griffin

Andrew Griffin is a cryptocurrency journalist with over 3,000 articles under his belt. He is passionate about cryptocurrencies, digital rights, information technology and futurology — the things that he likes to cover the most. Andrew previously reported for Cointelegraph and Benzinga.