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FollowingTrading platform Capital.com plans to launch spot cryptocurrency services in United Arab Emirates
Contract for difference (CFD) broker and trading platform Capital.com plans to provide spot cryptocurrency services to United Arab Emirates customers. Its affiliated company Capital Vault has obtained a virtual asset license issued by the country's Capital Markets Authority.
This license allows Capital Vault to trade virtual assets as an agent or matchmaker and provide custody services to customers. Once the service is launched, United Arab Emirates customers can purchase and hold actual cryptocurrency through the Capital.com app, while Capital Vault is responsible for execution, custody and settlement. This is different from Capital.com's CFDs business, which provides price exposure but customers do not own ownership of the underlying crypto assets.
Capital Vault operates as an independent regulated entity with governance, custody and risk arrangements separate from other businesses of Capital.com. The affiliate has set up an office in Abu Dhabi and is forming a local virtual asset team.
Regulatory Framework Upgrade
The approval comes as the Capital Markets Authority launched the virtual asset regulatory framework in April this year, which expands the regulated activities from 3 to 8. Requirements covering business conduct, alternative trading systems, anti-money laundering control and prudential standards have been formulated.
