XBTO, a prominent global manager of digital assets for institutions, has been granted Financial Services Permission (FSP) under the category of 3A by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), allowing the company to provide services related to digital asset custody, investment, and trading.
Philippe Bekhazi, the CEO and Founder of XBTO Group, expressed that this license marks a significant step for XBTO in fostering a constructive digital landscape in the region while upholding their principles of institutional integrity, regulatory clarity, and financial innovation within the UAE.
He further asserted, “ADGM has established one of the most esteemed regulatory frameworks on a global scale for digital assets, and we are privileged to be recognized under its jurisdiction.”
XBTO to serve institutional investors and family offices
This license empowers XBTO to engage with institutional investors, sovereign wealth funds, family offices, and local financial entities as a regulated partner.
“Obtaining this approval provides XBTO with a strategic advantage to connect more actively with partners in the region and illustrates our alignment with the UAE’s ambition to emerge as a global digital finance hub,” commented Karl Naim, Chief Commercial Officer and General Manager for UAE at XBTO.
The license acquisition enhances XBTO’s existing regulatory presence in Bermuda, while the organization is concurrently pursuing licensing in the UK.
XBTO participated in Abu Dhabi Hub71
In September 2024, XBTO received In-Principle Approval from the FSRA of ADGM to operate within the UAE, following its selection by the Hub71 digital assets lab.
The firm has actively engaged in Hub71’s dedicated digital assets program and partnered with the tech hub to promote educational initiatives aimed at enhancing understanding and best practices related to digital assets across the region.
Peter Abou Hachem, Hub71’s Head of Growth and Strategy, remarked, “Their decision to establish a presence in Abu Dhabi signifies a notable transition toward the Middle East—one of the fastest-growing and most liquid markets worldwide. As more startups opt to thrive within our ecosystem, we are committed to supporting their rapid and impactful growth.”