Dubai: Arabian Bourse (ABX), set up under Abu Dhabi Global Market (ADGM), said on Monday that it has launched first of its kind crypto asset exchange and custodian initiative that focuses on global institutional and retail traders.

With a goal to be the leading institutional grade crypto assets exchange and custodian in the region, ABX is building a fully integrated ecosystem to become the preferred venue for crypto assets listing, trading and settlement with associated digital custody, depository and data services.

Arshad Khan, Co-founder and CEO of Arabian Bourse said: “The last few years have seen remarkable growth in the largely unregulated digital-assets market. ABX will address this issue by offering a fully regulated, robust and transparent eco-system.”

“Receiving in-principal regulatory approval for ABX from the Financial Services Regulatory Authority of Abu Dhabi Global Market is a key milestone in the establishment of the new crypto asset exchange and custodian,” he added.

Hirander Misra, Chairman & CEO at GMEX Group and Vice-Chairman at Arabian Bourse, said: “By bringing together proven market expertise and technology with a deep understanding of the exchange landscape in the Middle East, our partnership approach has ensured we can deliver an innovative market infrastructure solution in a highly credible regulated environment.”

“We look forward to obtaining the final licences to launch the digital exchange and custodian,” he added.