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Digital assets finance management firm XBTO has received in principle approval (IPA) from Abu Dhabi’s Financial Services Regulatory Authority (FSRA) to operate in the UAE.
The company, which offers digital asset services for non-US-based institutional investors, will continue to operate from its existing offices in Bermuda, London, and Paris, but will use its Abu Dhabi presence to better serve the Middle East, the company said.
Philippe Bekhazi, founder and CEO, said the UAE had been chosen as a location because of its potential to become a global hub for digital assets businesses worldwide.
XBTO is currently regulated by the Bermuda Monetary Authority (BMA) and is applying for licences in the UK and France.
XBTO earlier made headlines as the lead sponsor for American soccer team Inter Miami CF, which currently includes Argentine football superstar Lionel Messi.
(Reporting by Imogen Lillywhite; editing by Brinda Darasha)