ADGM green lights crypto asset exchange DEX amid high trading volumes – The National

ADGM green lights crypto asset exchange DEX amid high trading volumes – The National

The new brokerage will go live in the next three months with four of the most commonly traded cryptocurrencies

















Cryptocurrency trading volumes are up amid Covid-19, a boon to exchange platforms. Reuters







Digital asset exchange DEX received the green light from Abu Dhabi Global Market's regulatory body as trading volume in cryptocurrencies booms amid the Covid-19 pandemic.



The brokerage will go live in the next three months with four of the most commonly traded cryptocurrencies - Bitcoin, Ethereum, Bitcoin Cash and Litecoin - available to purchase with local or international currency, Leon Smith, founder and chief executive, told The National.



Over the last decade, crypto assets have gone from niche, unregulated and under-the-radar electronic currency to a mainstream and increasingly regulated asset class. In turn, hundreds of trading platforms have proliferated. Last week, US FinTech giant PayPal unveiled plans to offer direct sales of crypto assets to its 305 million customers.



US-based Coinbase, one of the largest by trading volume, is not accessible in the UAE but other exchanges like Bittrex and China's Binance are. Over the last few year local UAE options have sprung from ADGM and Dubai International