XBTO receives full 3A licence approval from Abu Dhabi Global Market
XBTO, a company involved in institutional digital asset management, it has received full approval for its financial services permission (FSP) under the 3A licence category from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in the UAE.
The approval authorises XBTO to provide a range of financial services in and from ADGM, including custody, dealing in investments as matched principal, advising on investments, and arranging deals in investments. This marks a significant milestone in the company's expansion strategy across the MENA region and beyond.
'The UAE is a leading market in digital assets and the 3A licence enables us to be a part of a positive digital movement in the region. This licence also serves to reinforce our long-term commitment to institutional integrity, regulatory transparency, and financial innovation in the UAE,' said Philippe Bekhazi, CEO and Founder of XBTO Group.
The licence enables XBTO to operate as a regulated counterparty to institutional investors, including sovereign wealth funds, family offices and regional financial institutions. It also allows the company to actively market its services across the UAE, bolstering its ability to engage directly with local stakeholders and deepen its presence in the region.
'This approval gives XBTO the strategic footing to engage more actively with regional partners and demonstrates our alignment with the UAE's vision of becoming a global hub for digital finance,' said Karl Naim, Chief Commercial Officer and General Manager for UAE at XBTO. 'ADGM has created a forward-thinking environment that balances innovation with robust oversight - a model we are proud to be part of.'
The licence approval complements XBTO's existing regulatory footprint in Bermuda and is part of its broader global expansion strategy, with the next regulatory milestone being its anticipated entry into the UK market.
XBTO's regulatory approval has been welcomed by key stakeholders within Abu Dhabi's thriving digital asset ecosystem. The company has been an active participant in Hub71's specialized digital assets cohort and has collaborated with the technology hub on educational initiatives focused on advancing digital asset knowledge and best practices across the region.
Peter Abou Hachem, Head of Growth and Strategy, Hub71 said: 'We're proud to see XBTO, a global leader in digital assets, secure their 3A license and scale from Hub71 to serve the world. Their move to Abu Dhabi reflects a clear shift toward the Middle East - one of the fastest-growing and most liquid markets globally. XBTO's focus on regulatory excellence and innovation embodies the calibre of founders we back. As more startups choose our ecosystem to launch and grow, we remain committed to helping them scale with speed and impact.'
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