UAE HAYVN, virtual asset crypto exchange have received their “go-live” approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM), the premier international financial Centre in Abu Dhabi and officially opened their ADGM-based entity to the firm’s custody and trading clients.
HAYVN was granted their Financial Services Permission (FSP) in the ADGM on 23 December 2021 which authorised them to arrange deals in investments and provide custody for accepted virtual assets.
“There is a three-step process to authorization of all virtual asset organizations within the ADGM ecosystem… Firstly the In Principal Approval, followed by the FSP and only completed with the “go live” approval. The ADGM is one of the world’s leading virtual asset regulatory jurisdictions and the only regulatory authority for virtual assets within Abu Dhabi. We are excited to be one of the very few global businesses to have completed the entire authorization process and look forward to servicing our customers from our new ADGM offices starting today” says Rensche Olivier, Director of Regulatory Affairs at HAYVN.
Christopher Flinos, Co-Founder and Chief Executive Officer at HAYVN said, “with the recent news in the market surrounding virtual asset regulation in the wider UAE, it’s becoming increasingly more important for our region to establish a strong regulated institutional leader. As the only regulated Custody and Trading platform within the region’s leading regulatory body, HAYVN is leading the movement of regional institutional capital into virtual assets.”
The HAYVN ADGM regulated entity combines a leading OTC trading desk and custody offering allowing clients to buy, sell, and get custody to large amounts of Virtual Assets.
Prior to this HAYVN expanded into the Australian market via its cryptocurrency payment solution ‘HAYVN Pay’ in partnership with Venue Smart.