Abu Dhabi-based Changer.ae has been granted a license to operate cryptocurrency custody services by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).
As the UAE’s first regional, independent virtual asset custody provider, Changer meets the growing demand for digital asset custody and fund management among asset managers and owners.
Changer’s platform features a secure, insured wallet with advanced encryption and multi-signature authorization, accessible via a mobile app available in various app stores.
Changer plans to expand its product offerings by early Q2024 XNUMX to include conversion of virtual assets into fiat currencies and custody arrangements with yet-to-be-announced banking partners.
The expansion is in line with the Abu Dhabi Global Market’s broader Digital Ledger Technology (DLT) Regulatory Framework, which seeks to regulate blockchain foundations, Web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations participating in DLT.
The United Arab Emirates is actively fostering a regulatory environment conducive to digital asset businesses to accommodate the growing interest in cryptocurrencies in the Middle East and North Africa (MENA) region.
Changer senior executive Nadeem Ladki commented on the launch, expressing confidence in the platform’s ability to provide a secure, trusted counterparty platform for digital asset users.
He praised the UAE’s balanced approach to digital asset adoption and financial regulation, which makes the country a favorable market for Changer.ae’s services. He said:
We are pleased to witness the successful global launch of Changer.ae as the region’s first locally established, independent virtual asset custody provider for individuals. For widespread adoption of digital assets, users need a secure, trusted counterparty; we are committed to investing in infrastructure and complying with necessary regulations.
regulations, giving our global users peace of mind and making us a leader in this field.