Securrency, a RegTech looking to streamline regulatory compliance for token offerings, has expanded its presence in the UAE.
The US-based company is looking to secure a license to operate a crypto-asset business with strategic partners under the new Abu Dhabi Global Market (ADGM) crypto regulatory framework. It will file an application with the Financial Services Regulatory Authority (FSRA) of ADGM, the international financial center in the Emirate of Abu Dhabi in the United Arab Emirates (UAE).
Securrency’s plan is to partner with global blockchain companies and industry leaders to create and launch a fully-regulated crypto-asset business for institutional clients. The platform will provide institutional-grade crypto custodial services, as well as an exchange platform accessing large-scale global liquidity.
Earlier this year, the RegTech received authority to operate in the ADGM RegLab sandbox testing environment. While in the RegLab, Securrency will demonstrate its ability to create secure and compliant tokenized securities for issuers in the MENA region – and globally – using its innovative RegTex technology.
Wai Lum Kwok, executive director, capital markets, Financial Services Regulatory Authority of ADGM, said: “As an international financial services regulator, we welcome innovators, businesses, and financial firms to make use of our regulated platform to conduct and grow their businesses.
“We are encouraged by Securrency’s plans to submit an application to set up a marketplace for digital assets in ADGM. Along with their strategic partners, Securrency will leverage our comprehensive regulatory regime to foster governance, efficiency and transparency in crypto asset activities.”
Securrency was formed in 2015 by US national security and technology experts to enable the free trading of previously illiquid asset classes through compliance and interoperability. It offers secure, scalable FinTech/RegTech tools either as individual modules or as a customized venue for listing securities via Security Token Offerings (STOs) while providing global KYC (Know Your Customer), anti-money laundering (AML) and other essential jurisdictional compliance for access to investors.
The company has also developed a Compliance Aware Token that embeds regulatory and transactional rules in a compliance layer to facilitate legally-compliant securities offerings in the United States and globally.
John Hensel, chief operating officer of Securrency and senior executive officer of Securrency MENA, added, “Our near-term vision is to launch fully-regulated exchanges for both asset classes in this market under the auspices of ADGM’s existing multi-lateral trading facility rules and newly-issued crypto regulatory framework.
“This is the only way to provide stability, overcome challenges and ultimately, facilitate economic development via investment opportunities, particularly for private equity and institutional investors in this region.”
Earlier this year, Entoro Capital partnered with Securrency to allow its clients to conduct secure and regulatory-compliant Security Token Offerings (STOs).
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
