Latest news with #FinancialServicesRegulatoryAuthority
Gulf Insider
5 days ago
- Business
- Gulf Insider
UAE Fines 23 Companies Dh610,000 For Violating Global Tax Reporting Rules
The Financial Services Regulatory Authority (FSRA) of ADGM in Abu Dhabi on Monday announced Dh610,000 fine on 23 companies for violating reporting and tax regulations. The companies have been fined under the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022, which require entities to collect and report information on foreign account holders to help combat international tax evasion. The regulator added that action has been taken for compliance breaches and failures to submit risk assessments, required annual information returns, follow due diligence procedures, report information in a complete and accurate manner, and collect valid self-certification forms. The UAE entered into agreements with other countries for global tax transparency by facilitating the automatic exchange of financial account data between different jurisdictions. In April, FSRA imposed millions of dirhams fines on the Hayvn Group of Companies, its former CEO Christopher Flinos and related entities after an investigation found serious regulatory breaches and misconduct into regulatory breaches and misconduct. Emmanuel Givanakis, CEO of the FSRA at ADGM, said this decision reflects UAE's commitment to financial transparency and alignment with global commitments to information exchange. 'We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility,' said Givanakis. Earlier this month, the Registration Authority (RA) of ADGM joined the Enforcement Working Group (EWG) of the International Forum of Independent Audit Regulators (IFIAR), making it the only member in the group from the Middle Eastern region.
Fintech News ME
6 days ago
- Business
- Fintech News ME
Deutsche Bank Secures ADGM License to Expand UAE Operations
Deutsche Bank has announced that it has obtained a financial services permission from the Financial Services Regulatory Authority (FSRA) within the Abu Dhabi Global Market (ADGM). This authorisation enables the bank to conduct a range of regulated activities within the international financial centre. The license allows Deutsche Bank to carry out activities under the Financial Services and Markets Regulations 2015 (FSMR), specifically: arranging deals in investments, arranging credit, and advising on investments or credit. The development marks an expansion of the bank's presence in the United Arab Emirates (UAE), where it has operated for over 25 years. The bank first opened a representative office in Abu Dhabi in 1999, and now maintains four legal entities in the country, including the newly licensed ADGM branch. Deutsche Bank provides a range of services across investment banking, corporate banking, and wealth management in the UAE. Jean-Pierre Habis has been appointed Senior Manager for the ADGM branch. In this role, he will oversee key aspects of the bank's regulated business and support the delivery of financial services tailored to client needs. According to Jamal Al Kishi, Chief Executive Officer for Middle East and Africa, 'Receiving this license is an important step in our strategy to better meet the evolving needs of our clients in the UAE and across the region. It improves our ability to deliver on our Hausbank promise, to serve as a trusted partner to clients wherever they operate.'
Yahoo
09-05-2025
- Business
- Yahoo
Ripple M&A Target Hidden Road to Open New Office in Abu Dhabi With a Potential Royal Family Addition
Hidden Road, a prime broker that focuses on crypto and traditional assets, which recently agreed to be acquired by Ripple, is opening an office in Abu Dhabi, according to two people with knowledge of the matter. The office will be led by James Stickland, a partner at the firm, said the people, who spoke on condition of anonymity because the matter is private. Hidden Road confirmed the plans. The company has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM, Hidden Road said in a press release shared with CoinDesk on Thursday. A member of the Abu Dhabi royal family could potentially join the board of the company's local entity when it receives final regulatory approval, one of the people said. Once Hidden Road receives this final approval, it will be authorized to offer clearing and prime brokerage services to institutional investors in the UAE, the company said. They are not the only firm making moves in the region. Circle, the issuer of the second-largest stablecoin, USDC, said it received in-principle regulatory approval from Abu Dhabi last month, paving the way for an expansion across the Middle East. Prime brokers are an essential part of the plumbing of financial markets. They provide trading, financing and custody services to large institutions. Stickland is the former CEO of Elwood Technologies and Elwood Asset Management, the crypto firm backed by billionaire hedge fund manager Alan Howard. He joined Hidden Road over a year ago, according to his LinkedIn profile. Ripple agreed to buy multi-asset prime broker Hidden Road for $1.25 billion last month, marking one of the largest M&A deals in the digital asset industry to date. The crypto company, headed by Brad Garlinghouse, said it will inject fresh capital into Hidden Road to expand its clearing, prime brokerage, and financing operations, aiming to make the firm the largest non-bank prime broker globally. Hidden Road said last month that it had received FINRA approval to operate as a U.S. broker-dealer, enhancing its fixed income prime brokerage in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mid East Info
06-05-2025
- Business
- Mid East Info
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
Zawya
06-05-2025
- Business
- Zawya
BurjX secures in-principle approval from ADGM's Financial Services Regulatory Authority
Abu Dhabi, UAE: 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 way to set a new benchmark for compliant crypto trading and custody in the region. For more details on BurjX, please visit
