Nick Philpott, the founder of Zodia Markets, a digital currency custodian backed by Standard Chartered Bank, recently spoke positively about Abu Dhabi’s cryptocurrency regulations. In an interview with Crypto News, he compared his experience in Abu Dhabi to the regulatory environment in the United Kingdom and Ireland.
Philpott noted that the process in the UK was slower and had more complex requirements, especially for entities seeking registrations with the Financial Conduct Authority under anti-money laundering laws. He also pointed out that while there were many approved entities in Ireland, their number was still relatively low compared to other jurisdictions.
However, Philpott praised the Financial Services Regulatory Authority in Abu Dhabi for its prompt response and efficient communication channels. He highlighted how quickly Zodia Markets was licensed within two weeks of initial contact, a stark contrast to the delays experienced in other jurisdictions due to a large volume of applications and limited resources for processing them.
Philpott described his overall experience as engaging and collaborative, with open conversations regarding complex issues requiring clarification. He expressed his admiration for the proactive approach taken by the Authority and commended its responsiveness in facilitating a smooth process for Zodia Markets to operate within its regulatory framework.
