Hub71's XBTO Secures Full ADGM Licence to Power MENA Virtual Asset Expansion
XBTO, a global digital asset firm and a key member of Abu Dhabi's Hub71 ecosystem, has received full approval for a Financial Services Permission (FSP) Licence from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This marks a significant milestone for the UAE-based company and a major boost for its expansion across the Middle East and North Africa (MENA) region.
A Milestone for Abu Dhabi's Hub71 Ecosystem
The successful licensing of XBTO is a testament to the thriving technology ecosystem being cultivated in Abu Dhabi. As a member of Hub71, Abu Dhabi's global tech ecosystem, XBTO's achievement highlights the success of the platform in nurturing high-growth companies. This sentiment was echoed by Ahmad Ali Alwan, CEO of Hub71, who stated, "The success of our ecosystem is based on our founders’ ability to grow and scale their businesses... XBTO's ADGM license is a testament to the thriving Web3 community we are building in Abu Dhabi, and we are confident that they will continue to play a vital role in shaping the future of finance."
Regulated Virtual Asset Services for the MENA Region
The approved Category 3A FSP licence, which is effective immediately, permits XBTO to provide regulated services from its strategic base in ADGM. Specifically, the licence allows the company to arrange deals in investments and provide custody in relation to Virtual Assets. This positions XBTO to directly serve the growing demand from institutional clients across the MENA region who are seeking compliant and regulated access to virtual asset markets.
Leadership on a Clear Regulatory Path
Securing the full licence follows XBTO's previous in-principle approval, confirming the company's adherence to ADGM's robust and forward-thinking regulatory framework. Philippe Bekhazi, CEO of XBTO, highlighted the importance of this clarity, expressing excitement about the opportunity to cater to the growing institutional demand in the region under ADGM's clear regulatory guidance.
About XBTO
XBTO is a global provider of digital asset trading and liquidity solutions with a significant operational base in the UAE as part of the Hub71 ecosystem. The company focuses on delivering institutional-grade services within the cryptocurrency space, leveraging its expertise to provide secure and compliant access to digital assets for clients in the MENA region and beyond.
About Hub71
Hub71 is Abu Dhabi’s global tech ecosystem that connects startups, investors, and strategic partners to foster innovation and support high-growth technology companies. It provides a platform for startups to scale and access a powerful network of resources, helping to position Abu Dhabi as a leading technology hub.
Looking Ahead: Strengthening Abu Dhabi's Web3 Hub
With its full ADGM licence now secured, XBTO is set to accelerate its operations and service offerings from Abu Dhabi. This approval not only facilitates greater engagement with institutional investors across the MENA region but also strengthens Hub71's Web3 vertical, contributing significantly to the development of a regulated and trusted digital asset market in the UAE.
Source: XBTO