Cryptocurrency platform HAYVN has announced it has received an in-principle approval (IPA) from the Financial Services Regulatory Authority, the regulatory body connected to the Abu Dhabi Global Market.
The platform will offer over-the-counter trading as well as cryptocurrency custody. Both digital assets and fiat will be held in an escrow. The platform targets family offices, hedge funds, and asset managers. The platform also plans to get approvals from UK regulators.
“Digital currencies have the potential to transform capital markets and offer investors an exciting new asset class to diversify their portfolios,” said Christopher Flinos, HAYVN co-founder. “However, we believe this can only happen if institutional investors get on board, and they won’t do this until our nascent industry embraces effective regulation and compliance.”