Multi-licensed broker CAPEX.com has received approval in principle to conduct a full range of virtual asset business in Abu Dhabi, the firm’s CEO announced today.
The new license allows its parent company, Key Way Markets Ltd, to bring the CAPEX.com brand closer to customers in the Middle East, with a focus on the United Arab Emirates. The approval in principle for its crypto business completes the picture as the company already holds the ADGM FSRA license to offer traditional financial services.
As such, this milestone helps broaden the brand’s outlook and business assessment as it seeks to capitalize on the region’s interest in cryptocurrencies.
After completing its full license application process, CAPEX.com will be able to offer its virtual asset services to customers in the Middle East and North Africa region. As part of the emirate’s “test-adapt-scale” virtual asset market model, CAPEX.com will share its knowledge, experience and in-depth industry knowledge with all stakeholders.
The United Arab Emirates, in particular, has become a preferred jurisdiction for crypto exchanges. Earlier in September, Binance was awarded Dubai’s Minimum Viable Product (MVP) license, allowing the world’s largest crypto exchange to operate fully in the region.
Dubai’s Virtual Asset Regulatory Authority (VARA) issued the operating license to Binance nearly six months after he obtained his prior authorization to establish a crypto-asset business, paving the way for him to begin operations in the country. Previously, an “in-principle” decision was granted, which was the first step in the full licensing process whereby the applicant must meet one or more requirements in order to obtain a license.
The CAPEX.com brand, which received its first license in 2016, currently provides services across Europe, the Middle East, South Africa, Latin America and Southeast Asia. The company’s regulatory catalog includes licenses from the Securities and Exchange Commission of Cyprus, the Global Market Financial Services Regulatory Authority of Abu Dhabi and the Financial Sector Conduct Authority in South Africa.
With over 2000 tradable 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 commission-free trading product with unleveraged fractional CFDs on stocks of major US companies.
These operational and regulatory milestones followed the close of a $21 million funding round in June 2021. CAPEX.com also made headlines last year when it signed a multi-season sponsorship deal with the giant Italian football, Juventus.