CAPEX.com receives UAE licence to offer crypto services
Multi-licensed broker CAPEX.com has received in-principle approval to conduct a full spectrum of virtual assets business in Abu Dhabi, the firm’s CEO announced today.
The new license allows its parent, Key Way Markets Ltd, to bring the CAPEX.com brand closer to clients in the Middle East, with major focus to the United Arab Emirates. The in-principle approval for its crypto business comes to complete the picture as the company already holds the ADGM FSRA license to offer traditional financial services.
As such, the milestone helps broaden the perspectives and business appraisal of the brand as it seeks to cash in on the region’s interest in cryptocurrencies.
After completing its application process for full licensing, CAPEX.com will be able to offer its virtual asset services to customers across the Middle East and North Africa region. Under the Emirate’s “test-adapt-scale” virtual assets market model, CAPEX.com will share its in-depth industry knowledge, experience and insights with all stakeholders.
The UAE, in particular, has emerged as a preferred jurisdiction for crypto exchanges. Earlier in September, Binance was awarded Dubai’s Minimal Viable Product (MVP) license, allowing full operation of the world’s largest crypto exchange in the region.
Dubai’s Virtual Asset Regulatory Authority (VARA) issued the operating license to Binance nearly six months after it has secured its preliminary authorization to establish a crypto-asset business, paving the way for it to begin operations within the country. Before that, it was granted an “in-principle” decision, which was the first stage of the full authorization process whereby the applicant needs to satisfy on one or more requirements in order to obtain a license.
The CAPEX.com brand, which received its first license in 2016, is currently providing services across Europe, the Middle East, South Africa, Latin America, and South-East Asia. The company’s regulatory catalogue encompasses licenses from the Cyprus Securities and Exchange Commission, Abu Dhabi Global Market Financial Services Regulatory Authority, and the Financial Sector Conduct Authority in South Africa.
With over 2000 tradeable instruments, the broker is preparing to expand its multi-asset offering by including DeFi and blockchain-based services. CAPEX.com also launched a new product called StoX, which bundles a no-commission trading product with unleveraged fractional CFDs on shares of top US companies.
These operational and regulatory milestones came on the heels of closing a $21 million funding round back in June 2021. CAPEX.com also made headlines last year when it signed a multi-season sponsorship deal with the Italian football giant, Juventus.