DEX commences soft launch
DEX has commenced its soft launch to onboard clients and to accept client deposits in both fiat and virtual assets. DEX has secured approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a MTF (Multilateral Trading Facility) as well as a regulated custodian of both fiat and virtual assets.
Initially, DEX will provide market clientele the ability to trade and provide custody for virtual assets such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
DEX will offer clients a secure and transparent institutionalgrade platform in a highly regulated financial ecosystem. Robust market infrastructure has been employed providing confidence to all market participants that DEX backs onto a secure regulatory framework providing transparency and compliance in the virtual asset marketplace.
Leon Smith, CEO and Founder of DEX, said: “Our goal is to provide market access to virtual assets for the global markets in a transparent, regulated and secure environment. We have worked extensively to ensure our clients assets and data are secure backing onto a robust regulatory framework to ensure full transparency”.
DEX will act as a fiat to virtual asset platform with the intention to serve all major international currencies. Many virtual / digital asset platforms are not regulated globally and present a challenge to regulated stakeholders in the global financial ecosystem. DEX intends to assist regulated stakeholders meet their compliance and fiduciary duties to appoint a regulated virtual asset custodian and/ or trade on a regulated platform.
DEX embodies first in class operational capabilities, regulatory mechanisms and is positioned to be a leading regulated global virtual asset exchange servicing
the UAE, GCC and global market clientele. DEX expects to provide full operational trading services to clients imminently.
Smith said: “This is a significant milestone achieved for DEX and we are excited to be a part of the United Arab Emirates’ (UAE) virtual asset eco system being based in the ADGM. It’s exciting to be a part of a regulatory landscape that will help shape the international virtual asset ecosystem and encourage both retail and institutional participation in virtual assets as an alternative asset class.”