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The company’s CEO announced today that multi-licensed broker CAPEX.com has been approved in principle to operate a full range of virtual asset operations in Abu Dhabi.
The new license allows its parent company, Key Way Markets Ltd, to bring the CAPEX.com brand closer to customers in the Middle East, mainly in the United Arab Emirates. As the company already has an ADGM FSRA license to provide traditional financial services, an approval-in-principle for its crypto business does it all.
As such, this milestone helps broaden the brand’s horizons and business assessment as it tries to profit from the region’s interest in cryptocurrencies.
After completing its full license application process, Capital Expenditure Network Will be able to offer its virtual asset services to clients in the Middle East and North Africa region. Under the emirate’s test-fit-scale virtual asset market model, CAPEX.com will share its in-depth industry knowledge, experience and insights with all stakeholders.
The UAE, in particular, has become the jurisdiction of choice for cryptocurrency exchanges. Earlier in September, Binance received a Minimum Viable Product (MVP) license in Dubai, allowing the world’s largest cryptocurrency exchange in the region to fully operate.
Nearly six months later, the Dubai Virtual Assets Regulatory Authority (VARA) issued an operating license to Binance it has preliminary authorization Establish a crypto asset business to pave the way for it to do business in the country. Before that, it was granted an “in-principle” decision, the first stage of a full authorization process where applicants need to meet one or more requirements in order to be granted a license.
The CAPEX.com brand received its first license in 2016 and is currently serving Europe, the Middle East, South Africa, Latin America and Southeast Asia. The company’s regulatory directory includes licenses from the Cyprus Securities and Exchange Commission, the Abu Dhabi Global Markets Financial Services Authority and the South African Financial Sector Conduct Authority.
With over 2,000 tradable instruments, the broker is gearing up to expand its multi-asset offering by including DeFi and blockchain-based services. Capital Expenditure Network A new product called StoX has also been launched, which bundles commission-free trading products with unleveraged fractional CFDs on stocks of top US companies.
These operational and regulatory milestones follow the closing of a $21 million funding round in June 2021. CAPEX.com also made headlines last year when it signed a multi-season sponsorship deal with Italian soccer giant Juventus.
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