Copper to Launch Abu Dhabi-based Digital Securities Brokerage

London-based crypto trading and custody firm Copper announced plans to launch a new brokerage platform for digital assets in Abu Dhabi as soon as early next year, the company announced on Wednesday. 

Copper’s latest expansion

News of the company’s expansion is part of their acquisition of Securrency Capital Limited, which is expected to be renamed to Copper Securities Limited. 

According to a press release from Copper, the brokerage platform “provides investors with access to global securities, delivering 24/7 trading with near-real-time settlement.

“In addition, the tokenization of traditional securities enables increased investor access and simpler, more efficient value chain management through automation,” the press release continues.

The UAE: crypto’s newest global hub

The brokerage platform will be run out of Abu Dhabi’s international financial center, ADGM, and the organization will be supervised by the Financial Regulatory Authority (FRSA).

“Through this acquisition, Copper is able to grow its role as a global digital asset infrastructure provider and establish a stronger footprint in the United Arab Emirates,” said CEO and founder of Copper, Dmitry Tokarev. “This is just the beginning of our expansion into the Middle East.”

“We look forward to working with Dmitry and team as they serve the rapidly growing Abu Dhabi Global Market,” stated Co-founder and COO of Securrency Capital Limited.

The upcoming digital asset brokerage platform is just one of a number of crypto-related businesses finding success in the United Arab Emirates.

In June, Binance acquired an Operation Minimum Viable Product (MVP) under Dubai’s Virtual Asset Regulatory Authority (VARA).

“The UAE’s embrace of blockchain technology has created a thriving industry with security and innovation as complementary assets at its core,” stated a press release from the crypto exchange.

Most recently, blockchain and tokenization platform Paxos announced it secured two in-principle approvals from FRSA. The move will allow Paxos to provide brokerage and custody services as well as issue stablecoins.

“Our IPAs from the FSRA, on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks,” Walter Hessert, head of strategy for Paxos, stated in a press release Wednesday.

Promising statistics

Data from Chainalysis reveals the Middle East and North Africa boast nearly 7.2% of global transaction volume in regards to cryptocurrencies, with the region receiving over $389.8 billion in yearly on-chain value.

According to data from 2023’s Crypto Oasis Ecosystem Report, the Middle East and North Africa employ 8,650 people across 1,800 organizations in the digital asset industry.

A specific launch date for Copper Securities Limited has yet to be announced.