The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market has given In-Principal Approval to Arabian Bourse to establish and operate a full-fledged crypto asset exchange and custodian
London, Abu Dhabi 10th June 2019. GMEX Group (GMEX), a leader in digital business and technology solutions for exchange and post-trade operators, and Arshad Khan, regional exchanges founder and business expert are pleased to announce the completion of the latest phase in the creation of their joint venture, Arabian Bourse (ABX), set up under Abu Dhabi Global Market (ADGM). Based in the United Arab Emirates (UAE), ABX aims to be a fully regulated, first of its kind crypto asset exchange and custodian initiative; that focuses on global institutional and retail traders.
ABX is implementing the proven GMEX Fusion hybrid centralised & blockchain distributed ledger technology suite, which is deployed and trusted by international regulated financial institutions around the globe. 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.
ABX has chosen to be based in ADGM, Abu Dhabi, to benefit from the enlightened crypto asset regulatory framework, rapidly growing crypto asset industry in the region, concentration of global financial institutions and a trusted regulatory regime.
Bringing together crypto asset holders, blockchain technology opportunities and related strategic investments, the ABX ecosystem will ultimately act as a bridge, aggregating Middle East and Northern Africa (MENA) digital assets activity with other major digital asset centres around the world.
ABX promoters bring together decades of experience in setting up and operating financial exchanges in the region and internationally. This uniqueness of ABX shall be its core strength to achieve the objective of establishing a seamless, secure and liquid digital assets eco-system in the region.
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.” He added “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.”
Hirander Misra, Chairman & CEO at GMEX Group and Vice Chairman at Arabian Bourse, commented “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.” Adding “we look forward to obtaining the final licences to launch the digital exchange and custodian.”
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For Arabian Bourse:
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About GMEX Group
GMEX Group is a set of companies that offer leading edge innovative solutions for a new era of global financial markets by being a global provider of innovative multi-asset exchange trading and post trade business solutions and technology ecosystems.
Our key business solutions enable the creation and operation of cost effective electronic exchanges and post trade infrastructure in multiple asset classes including equities, debt, FX, derivatives, commodities, cryptocurrencies and digital tokenised assets.
The GMEX Market Advancement Programme (MAP) is all about partnerships and creating an ecosystem with exchanges and post trade market infrastructure operators to deliver centralised, decentralised & hybrid solutions in a collaborative fashion.
GMEX Group is comprised of:
- GMEX Technologies – Provider of multi-asset traditional and digital exchange trading and post trade technology through a unique partnership driven approach
- GMEX Fusion – Hybrid centralised & Blockchain Distributed Ledger solutions for trading & post-trade
- GMEX Innovation – Technology as an Enabler – Research & Development of technologically advanced product solutions for exchange trading, clearing and settlement
- GMEX Services – Strategic consultancy, implementing services & support for exchanges and market infrastructure providers across asset classes including digital tokenised assets
- GMEX Investments – Selective seed and strategic early stage equity and token investment into market infrastructure and related FinTech companies
About Arabian Bourse
Arabian Bourse (ABX) is a joint venture between GMEX Group and Arshad Khan to establish the first of its kind fully regulated, crypto asset exchange and custodian in the region that focuses on institutional and retail investors. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has given In-Principal Approval to the Arabian Bourse to establish and operate a full-fledged crypto asset exchange and digital custodian. For more information visit www.arabianbourse.com
About Arshad Khan
Arshad has diverse expertise in the complete financial markets eco-system and the technology behind it. Being at the helm of several financial exchanges, from inception, he has detailed insight in areas of technology, operations, products, regulations, strategy, finance and marketing. He pioneered the region’s first exchange hosted Islamic finance platform ‘Bait Al Bursa’ to facilitate Murabaha transactions. Out of his 20 years’ experience, he has 15+ years of experience in Gulf Countries where he has established strong business relations with regional financial institutions and regulatory authorities.
In 2008 Arshad established Bahrain Financial Exchange (BFX), a multi-asset international financial exchange licensed and regulated by the Central Bank of Bahrain, and BFX Clearing and Depository Corporation.
As a Board Member of the Dubai Gold and Commodities Exchange (DGCX) and its’ clearing corporation for 5 years, Arshad was part of the core team to establish the exchange in a record time of 12 months from conceptualisation to its launch in 2005. Before that he played a key role in the establishment of the Multi Commodity Exchange of India in 2003. He worked on opportunities to establish exchanges in Hong Kong, Singapore, Qatar and Africa.