Zodia Markets, the platform for digital assets supported by Standard Chartered Ventures, has recently been granted an in-principle approval by the Abu Dhabi Global Market (ADGM) to operate as an over-the-counter (OTC) cryptocurrency broker-dealer in Abu Dhabi.

The approval was one of the results of the Abu Dhabi’s $2 billion effort to promote Web3 initiatives which began in February. The ADGM is actively seeking to attract enterprises involved in the cryptocurrency industry, and has already granted licenses to digital asset platform M2 and the crypto exchange Rain.

According to the CEO of ADGM Authority, Salem Mohammed Al Darei, the partnership between Zodia Markets and ADGM will contribute to making Abu Dhabi an attractive destination for global entities.

The approval gives Zodia Markets an opportunity to expand into the Middle East region and offer institutional investors in the Middle East and Africa access to cryptocurrency. The Inaugural Middle East Blockchain Awards, held in Abu Dhabi last year, was meant to recognize and reward outstanding efforts in the blockchain and Web 3.0 fields.