Abu Dhabi-based Changer.ae has been granted a license by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a cryptocurrency custodian service.
As the first regionally built, independent virtual asset custody provider in the UAE, Changer addresses the increasing demand for digital asset custody and fund administration among asset managers and owners.
The company offers a subscription-style service for storing virtual assets and is currently waiving custody fees for early adopters until Q1 2024.
Changer’s platform features a secure, insured wallet with advanced encryption and multi-signature authorization, accessible through its mobile application available on various app stores.
Changer plans to expand its offerings in early Q1 2024 to include the conversion of virtual assets into fiat currencies and escrow arrangements with a yet-to-be-announced bank partner.
This expansion aligns with Abu Dhabi Global Market’s broader regulatory framework on digital ledger technology (DLT), which aims to regulate blockchain foundations, Web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations involved in DLT.
The United Arab Emirates is actively fostering a regulatory environment conducive to digital asset businesses, aligning with the rising interest in cryptocurrency in the Middle East and North Africa (MENA) region.
Nadeem Ladki, Senior Executive Officer of Changer, commented on the launch, expressing confidence in the platform’s ability to offer a safe, trusted counterpart for digital asset users.
He praised the UAE’s balanced approach to digital asset adoption and financial regulation, which positions the nation as a favorable market for Changer.ae’s services. He said:
We are happy to witness the successful and global launch of Changer.ae, as the region’s first locally built, independent virtual asset custody provider catering to individuals. For widespread adoption of digital assets, users need a safe, trusted counterpart; and we are committed to investing in the infrastructure and abiding by the regulations necessary to provide that peace of mind to our global users to be a leader in this space.
