VersiFi Expands Horizons with In-Principle Approval for Digital Asset Trading in ADGM

VersiFi Receives In-Principle Approval from ADGM for Digital Asset Trading

VersiFi, a rising player in the digital asset trading and lending sector, has made significant strides following the announcement of its receipt of In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This milestone opens the door for the firm to introduce an array of regulated trading solutions designed specifically for institutional clients from its new headquarters located in Abu Dhabi.

Founded in 2022, VersiFi aims to harness the regulatory framework of ADGM, which has emerged as a premiere international financial center. The authority has positioned itself as a leader in the digital asset regulation space, implementing a robust framework that encompasses exchanges, custodians, brokers, and other intermediaries dealing in virtual assets. This creates a conducive environment for firms like VersiFi to thrive.

As VersiFi sets its sights on delivering a full suite of digital asset trading services, it has made substantial investments in crafting a cutting-edge trading platform that employs the latest technological innovations. The firm's approach is grounded in a commitment to fostering the highest levels of trust, security, and integrity within the digital assets market. Client assets will be managed in allocated accounts utilizing dedicated third-party custodians, thereby enhancing the security profile and risk mitigation for all stakeholders involved.

One of the key advantages of VersiFi's services is the provision of Direct Market Access (DMA), which enables clients to trade directly on leading digital asset platforms. This is complemented by advanced algorithmic trading capabilities aimed at optimizing trade execution and operational efficiency. Coupled with comprehensive over-the-counter (OTC) trading options in both spot and derivatives markets, VersiFi plans to deliver an extensive and powerful suite of digital trading tools.

Additionally, the firm intends to equip clients with robust tools for real-time portfolio and risk management, ensuring they are well-prepared to navigate the often volatile landscape of digital assets. VersiFi's commitments extend to a comprehensive set of Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, thereby ensuring compliance with regulatory standards.

Leading this endeavor is a formidable team of seasoned executives from the financial services sector, whose backgrounds include tenures at prestigious institutions such as Deutsche Bank, Credit Suisse, and JP Morgan, among others. This diverse and experienced leadership is pivotal in driving VersiFi's vision forward as they work closely with the FSRA to fulfill all conditions associated with the IPA.

“The FSRA has impressed us with its diligence and collaborative approach,” states Sameer Shalaby, CEO of VersiFi. “Receiving our IPA is not just a regulatory milestone; it validates our vision for the future and underscores our commitment to contributing significantly to the growth of digital assets in the region.”

John Livingstone, ADGM Regional Head at VersiFi, echoed this sentiment, stating, “We are thrilled to be the first DMA and OTC trading firm to achieve this IPA. Our focus is on comprehensively addressing all IPA conditions set forth by the FSRA, and we are eager to commence serving clients from our ADGM headquarters.”

Looking ahead, VersiFi is poised to further invest in building its presence within the UAE, ensuring it remains at the forefront of technological innovation and regulatory compliance in the fast-evolving landscape of digital assets. With plans for future expansions under consideration, the company is set to establish itself as a leader in the digital asset trading ecosystem.

For more insights about VersiFi and its offerings, explore their website at www.versifi.io.