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The Financial Services Regulatory Authority of ADGM Grants In-Principle Approval for Digital Assets DMA and OTC Trading to VersiFi

Published

2 weeks ago

December 11, 2024

VersiFi to launch full digital asset trading solutions from new Abu Dhabi headquarters

ABU DHABI, UAE, Dec. 11, 2024 /PRNewswire/ — VersiFi, the digital asset trading and lending firm, today announced it has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM, the leading international financial center of Abu Dhabi. Subject to final regulatory approval, VersiFi will launch a fully regulated digital asset trading solution for institutional clients from its new global headquarters in ADGM. VersiFi’s commitment to this strategic market is in anticipation of the region’s unwavering commitment to become a dominant global hub for capital flowing into traditional and digital assets.

ADGM has built one of the world’s most comprehensive regulatory jurisdictions for digital assets, creating a dynamic, market-leading hub for technology-driven financial services businesses. The FSRA is one of the first regulators globally to introduce and implement a comprehensive and bespoke regulatory framework for the digital asset ecosystem, including exchanges, custodians, brokers, and other intermediaries engaged in virtual asset activities. VersiFi was founded in 2022 and has established its headquarters in ADGM to participate in this forward-looking environment.

Over the past two years, VersiFi has developed a market-leading trading platform using the most up-to-date technology, with a long-term vision of establishing the highest levels of trust, security, and integrity in the digital assets space. As part of this vision, client assets will be held in dedicated accounts at dedicated third-party custodian partners, offering greater security and minimizing risk for clients.

VersiFi’s ADGM presence is led by a team of exceptional financial services executives whose experience spans both digital and traditional assets at firms such as the Abu Dhabi Investment Authority, ADS Securities, Deutsche Bank, Credit Suisse, Gemini, Interactive Brokers, JP Morgan, Standard Chartered and the Royal Bank of Scotland.

VersiFi is working to address the IPA conditions and, subject to FSRA’s approval, plans to offer institutional clients a full trading solution, including:

Direct Market Access (DMA) to leading digital asset trading venues
Market-leading algorithmic trading that improves trade execution and efficiency
Bilateral OTC trading in both spot and derivatives
Powerful tools for real-time portfolio and risk management
A full range of KYC and AML protocols
Segregated custody via secure, third-party digital asset custodians.

“ADGM has established one of the most robust and dynamic regulatory frameworks in the world and they are taking a leading role in the responsible regulation of digital assets,” said Sameer Shalaby, CEO, VersiFi. “The FSRA has impressed us with its diligence and collaborative approach and we are committed to building and upholding the highest level of integrity and security as part of the progressive financial services community in the UAE. Receiving our IPA is a validation of our vision and an important step for VersiFi as we contribute to the region’s digital asset growth story while building our own.”

“We are delighted to be the first DMA and OTC trading firm to be granted IPA,” said John Livingstone, ADGM Regional Head, VersiFi. “We are focused and actively working with the FSRA to comprehensively address all the IPA conditions and we are looking forward to serving clients globally from our ADGM headquarters.”

VersiFi is fully committed to the UAE, and subject to the regulatory approval and receipt of the Financial Services Permission, the company plans on making further investments to expand its presence in the region.

About VersiFi
VersiFi is a digital asset trading and lending firm that combines a high-tech platform with high-touch services to help institutions trade and borrow efficiently. VersiFi’s plug-and-trade platform provides a single point of access for trading, borrowing, and lending, as well as custody services provided by third-party partners. Led by a team of proven industry professionals, VersiFi is determined to help digital assets reach their fullest potential. For more information visit www.versifi.io.

CONTACT INFORMATION
Forefront Communications for VersiFi
Versifi@forefrontcomms.com