BurjX Secures In-Principle Approval from ADGM's Financial Services Regulatory Authority - Middle East Business News and Information
Igniting a New Era for Crypto in MENA with Professional-Grade Trading and Bank-Grade Security
The future of crypto in MENA is taking shape. BurjX, a UAE-based digital asset brokerage, announced today that it has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This marks a key regulatory milestone as BurjX moves towards securing its Financial Services Permission (FSP) to operate as a fully regulated, institutional-grade trading and custody platform .
As the pioneer of the world's first comprehensive virtual asset regulatory framework, ADGM's approval reinforces BurjX's commitment to building a next-generation platform founded on trust, transparency, and institutional adoption in MENA.
A New Era for Crypto in MENA:
'This is an exciting step forward – not just for BurjX, but for crypto in MENA as a whole,' said Omar Abbas, Co-Founder & CEO of BurjX. 'Secure, institutional-grade custody is the foundation of a trusted trading platform, and the MENA region is ready for it. As BurjX moves toward final regulatory approval, we are reimagining crypto trading – seamlessly integrating cutting-edge security with a frictionless trading experience in a single, unified platform.'
Adam Ferris, Co-Founder & Chairman of BurjX, underscored the company's vision: 'This milestone is just the beginning. We're building something that doesn't just meet the highest security and regulatory standards – it's about raising the bar for enterprise-grade custody, compliance, and market integrity. BurjX is shaping the future of responsible digital asset trading.'
Wall Street Meets MENA: The Next Crypto Powerhouse:
BurjX was founded to bring North American expertise into MENA's rapidly growing crypto landscape. Omar Abbas, co-founder of NDAX – Canada's leading cryptocurrency exchange, has over a decade of experience in fintech, banking, and digital assets. He's worked at Canada's top banks, bridging traditional finance with the rise of crypto markets. Adam Ferris, a Harvard JD/MBA who previously held key roles at Goldman Sachs, has deep expertise in high-growth financial and technology markets, strengthening the team's strategic leadership and expansion capabilities.
Recognising the immense potential of the MENA region – ranked as the seventh-largest crypto market globally in 2024, valued at an estimated $338.7 billion and accounting for 7.5% of the world's total transaction volume – they've assembled a team of seasoned experts to reshape the crypto landscape and setting a new standard for digital asset trading.
Raising the Bar for Regulated Crypto:
With final regulatory approval on the horizon, BurjX is preparing to launch later this year, bringing a full suite of digital asset trading and custody solutions to market. Designed for retail, professional, and institutional traders, the platform provides secure fiat on/off-ramps, deep liquidity, and advanced execution tools – all within a tightly governed and fully compliant framework.
At the heart of BurjX's security framework is its integration with Fireblocks, the global leader in digital asset custody. By leveraging Fireblocks' multi-party computation (MPC) technology and cutting-edge security protocols, BurjX ensures institutional-grade asset protection, secure transfers, and real-time risk management – setting a new benchmark for safeguarding digital assets in MENA.
Strengthening its security-first approach, BurjX has secured market-leading insurance coverage, offering comprehensive protection for client and operational assets against a range of potential risks, ensuring resilience and trust in its platform.
About BurjX:
BurjX is a UAE-based digital asset brokerage and custodian designed to bring secure, efficient, and cost-effective access to digital assets such as Bitcoin, Ethereum and Solana. Built from the ground up for MENA, BurjX is in the final stages of regulatory approval with the FSRA of ADGM, paving the
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CairoScene
4 hours ago
- CairoScene
Uk-Based Yeltech Deployed Smart Monitoring System Across Riyadh Metro
Wireless Temperature Monitoring units are now active to detect and respond to heat-related stress before it disrupts service. UK-based tech firm Yeltech has deployed smart monitoring systems across the Riyadh Metro, enhancing infrastructure safety on the world's longest driverless train network. Its wireless Rail Temperature Monitoring (RTM) units are now active across key metro lines, helping engineers detect and respond to heat-related stress before it disrupts service- a critical upgrade in Riyadh's extreme climate, where rail tracks face rapid thermal expansion and contraction. In addition to RTM sensors, Yeltech has rolled out tilt monitoring and pantograph fault detection devices, supporting predictive maintenance and cutting unplanned downtime. The tech enables real-time alerts for track shifts and overhead line issues, streamlining operations across the metro's 176 km and 85 stations. The Riyadh Metro, launched in late 2024, currently handles over 1.2 million passengers daily, with a goal to triple capacity.
Mid East Info
9 hours ago
- Mid East Info
Zoftware's Aayushman Dalmia wins Innovation Excellence award at Ignyte SME Challenge - Middle East Business News and Information
Aayushman Dalmia, founder of Dubai-based startup Zoftware, has won the Innovation Excellence Award at the Digital Enablement of SMEs Challenge. The event, hosted by the Ministry of Artificial Intelligence of UAE and Ignyte, positions Dalmia for further growth as he continues his mission to simplify software discovery for small and medium businesses across the region. Dalmia's platform, Zoftware, has been steadily gaining traction in the MENA startup ecosystem for offering a streamlined approach to finding, comparing and selecting enterprise software solutions – a process that remains a hurdle for many growing businesses. 'This award is a testament to the need for simplifying tech access for SMEs,' said Dalmia, who has been named among Forbes Middle East's 30 Under 30 entrepreneurs in the past. 'Our goal has always been to bridge the digital divide by helping businesses make faster, more informed software decisions.' The challenge is part of a wider push to accelerate SME digitisation across the region — an agenda that aligns closely with both government and private-sector priorities in the UAE. Aimed at recognising impactful solutions that accelerate SME digital transformation, the challenge, held recently in Dubai, drew hundreds of high-potential founders from across the MENA region. Dalmia impressed the jury with his platform's clear value proposition and scalable vision—matching SMEs with the right digital tools through a curated marketplace backed by intelligent filters, user reviews, and guided discovery. 'This award validates everything we've been building at Zoftware for the past couple of years or so,' said Dalmia, speaking after the ceremony. 'Technology shouldn't be a hurdle—it should be a launchpad. We're making it easier for SMEs to make smart digital decisions without needing an IT degree.' With this latest recognition, Zoftware joins a growing list of Dubai-born startups gaining international visibility, reinforcing the city's position as a launchpad for regional innovation. A Track Record of Disruptive Innovation- Zoftware has been making headlines since its launch for its ambitious aim: to become the region's go-to platform for B2B software discovery. In 2024, the company was recognised by TechRadar MENA as one of the 'Top 10 Startups to Watch' in the SaaS enablement space. Under Dalmia's leadership, Zoftware has grown rapidly, onboarding hundreds of software vendors and serving SMEs in sectors ranging from logistics and retail to health and education. Beyond the Prize: A Strategic Boost- 'We're at a tipping point now,' Dalmia added. 'This support will help us go deeper in key markets and integrate more AI-driven features to guide SME software choices. Our roadmap includes multi-language access, fintech tools, and region-specific integrations.' Digital Enablement: A Regional Imperative- As the UAE and wider Gulf continue to prioritise SME growth as a cornerstone of economic diversification, platforms like Zoftware are stepping in to close the tech literacy and access gap. According to a recent report by the World Bank, nearly 75% of SMEs in the MENA region still lack structured digital infrastructure – a gap Zoftware aims to close. 'We're not selling software – we're selling clarity, confidence, and capacity,' Dalmia said. 'If we get this right, we unlock not just productivity, but resilience and long-term competitiveness for thousands of businesses.' With the Innovation Excellence Award now under its belt, Zoftware is poised to scale further and cement its role as a key enabler of SME digital transformation in the region.
Mid East Info
15 hours ago
- Mid East Info
Dubai International Chamber launches 36th international representative office in Bangkok to boost trade and investments with Thailand
H.E. Mohammad Ali Rashed Lootah: 'The launch of our new office in Bangkok further strengthens Dubai's global connectivity and reaffirms our commitment to supporting businesses in expanding their international footprints.' Dubai's non-oil trade with Thailand exceeded AED 23.8 billion in 2024, achieving substantial YoY growth of 23.3%. The number of Thai companies registered as active members of Dubai Chamber of Commerce increased by 28.4% during 2024 to reach 190 by the end of the year. Dubai, UAE – Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has inaugurated its 36th representative office in Thailand. Located in Bangkok, the new office will play a key role in attracting businesses and investments from Thailand to Dubai and further strengthening the growing trade ties between the two markets. The chamber's office will work to deepen relationships with key public and private sector stakeholders and deliver a comprehensive range of support to the Thai business community, providing access to market intelligence, business matchmaking services, and strategic guidance on market entry. The launch supports the goals of the Dubai Global initiative, which aims to attract foreign companies, investors, and international talent to Dubai by showcasing the emirate's competitive advantages and enhancing bilateral engagement. His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: 'The launch of our new office in Bangkok further strengthens Dubai's global connectivity and reaffirms our commitment to supporting businesses in expanding their international footprints. The office will unlock new opportunities for Thai companies seeking to enter Dubai and leverage the city's strategic advantages as a gateway to global growth. Thailand remains an important partner in our efforts to cement Dubai's position as a hub for global trade and investment, and we are confident this step will generate significant opportunities for businesses in both markets.' Unlocking Opportunities in Thailand: The new office was inaugurated during the 'Doing Business with Thailand' forum, which was organised as part of Dubai Chamber of Commerce's 'New Horizons' trade mission to Southeast Asia. Hosted in Bangkok, the forum was attended by more than 474 participants including senior officials, business leaders and Thai companies interested in exploring partnership opportunities with the chamber's delegation. The trade mission attracted the participation of 20 Dubai-based companies operating across diverse sectors including food and beverages, human resources, trading, electronics, hospitality, industrial lubricants, investment, and agriculture. The chamber successfully coordinated 288 bilateral business meetings between members of the Dubai delegation and companies from Thailand. The forum was organised by Dubai Chamber of Commerce in collaboration with the Thailand Board of Investment. Special remarks were delivered by Gongsakdi, Secretary to the Minister of Foreign Affairs of the Kingdom of Thailand and Potnvit Silaon, Deputy Director General, Department of International Trade Promotion. The event also featured speeches from H.E. Obaid Saeed Obaid Bintaresh Aldhaheri, Ambassador of the United Arab Emirates to the Kingdom of Thailand, and Dr. Poj Aramwattananont, Chairman of the Thai Chamber of Commerce and the Board of Trade of Thailand. During the business forum, Salem Al Shamsi, Vice President of International Relations at Dubai Chambers, delivered a detailed presentation on Dubai's economic landscape, highlighting the emirate's unique competitive advantages for businesses and investors. The forum also featured a dedicated session with representatives from Thailand's Board of Investment, which provided insights into the local business environment and explored promising investment opportunities. The forum aimed to build on the expanding economic ties between Dubai and Thailand. Non-oil bilateral trade exceeded AED 23.8 billion during 2024, achieving substantial year-over-year growth of 23.3%. The number of Thai companies registered as active members of Dubai Chamber of Commerce increased by 28.4% during 2024 to reach 190 by the end of the year, underlining the growing engagement between the business communities in the two markets. Dubai Chamber of Commerce has identified a number of high-potential export products from Dubai to Thailand, including livestock feed, fertiliser, flat-rolled iron/steel, unwrought aluminium alloys, and cosmetic products. In terms of investment opportunities for Dubai-based companies in Thailand, key sectors include rental and leasing services, renewable energy, freight and distribution services, and medical tourism. About: Dubai International Chamber, one of three chambers operating under the umbrella of Dubai Chambers, was established to promote Dubai as a global business hub, attract multinational companies, and expand the emirate's trade ties with promising markets. The chamber has a mandate to meet His Highness Sheikh Mohammed's ambition to increase Dubai's foreign trade from AED 1.4 trillion to AED 2 trillion by 2026
