Crypto Orders for Financial Free Zone set in Abu Dhabi

Abu Dhabi’s regulator for international financial center and free zone has set framework that will include spot crypto services, custodians and intermediaries
28 June 2018   1012

In order to make the marketplace for cryptocurrency firms secure, the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) - the country capital’s international financial center and free zone - has instituted its ‘crypto asset regulatory framework’ for firms working in the zone. As declared in the ADGM statement, the start follows a public consultation, with local and global respondents that were finished by ‘several refinements’ of the framework before its release.

The FSRA has addressed issues around consumer protection, safe custody, technology governance, disclosure/transparency, Market Abuse and the regulation of Crypto Asset Exchanges in a manner similar to the regulatory approach taken in relation to securities exchanges globally.
Excerpt from the Regulations

In the whole, the FSRA has ranked cryptocurrencies, or “crypto assets” as commodities. Security tokens published will be subject to relevant regulatory requirements while ‘utility tokens’ will also be estimated as commodities. Any off-shoot funds, derivatives or tokens will be regulated as ‘Specified Investments’ under the Financial Services and Markets Regulations.

We are encouraged by the significant global and regional interest from exchanges, custodians, intermediaries and other institutions to our crypto spot regulatory framework. Globally, responsible crypto asset players are seeking a regulatory regime upholding high standards that foster market confidence…Our engagement with fellow global regulators also validated our position that the key risks highlighted have to be addressed for crypto assets to be more widely accepted and institutionalised.
Richard Teng
FSRA of ADGM Chief 

In accordance to the new regulations, operators looking to institute a new exchange will be demanded to pay an initial authorization fee of $125,000 and an annual fee of $60,000. Crypto custodians like wallet companies will have to cough up $20,000 initially and $15,000 per year.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   108

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.