Abu Dhabi's FSRA Gives Green Light To DEX, The First Regulated Crypto Asset Exchange In The UAE

DEX (Digital Assets Exchange) got the preliminary approval to operate the first regulated crypto asset exchange in the UAE. The UAE-based company will provide a platform for investors to exchange international and local currencies to crypto ones, in a secured and regulated ecosystem. The approval was given by The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This decision is anticipated to boost the crypto exchange in the MENA region. 

Managed by Leon Smith, DEX is not the only company to receive approval from Abu Dhabi Global Market (ADGM), Bitoasis and ABXcrypto got ones too, recently. ADGM launched the region's first crypto asset regulatory framework, last year and has since then continued to develop it, taking into account the recent global developments. 

The Central Bank of Egypt announced, last May, that they are working on a draft law that will obligate any financial institution to get a license before exercising any crypto-related activities.