UAE: Tungsten Launches Digital Asset Custodian Services in Abu Dhabi
The Financial Services Regulatory Authority (FSRA) has granted Tungsten, the first regulated digital asset custodian located in the UAE, a license to operate out of the Abu Dhabi Global Market.
Tungsten, the inaugural regulated custodian for digital assets established in the UAE, has obtained its license from the Financial Services Regulatory Authority (FSRA) to operate within the Abu Dhabi Global Market (ADGM). This custodian service aims to securely store cryptocurrencies and other digital assets on behalf of institutional investors.
With the UAE witnessing digital asset transactions amounting to over $34.9 billion last year, Tungsten seeks to capitalize on this substantial market by offering a safer alternative to self-custody or relying on exchanges for asset storage.
Chris Desjardins, founder and senior executive of Tungsten, expressed pride in operating within the UAE, emphasizing the nation's pioneering role in crafting a robust regulatory framework for digital assets. This regulatory environment positions the UAE as a leading force in shaping the future of the finance sector.
Among Tungsten's next offerings are enterprise-level wallet management and online and offline storage solutions fit for banks. To further reassure institutional clients that their funds are secure, we will also provide insurance coverage.
Over the next couple of years, Tungsten aims to broaden its client base, targeting regional family offices, asset managers, and high-net-worth individuals (HNWIs). The company also plans to bolster its security capabilities through additional hires and investments in technology.
Arvind Ramamurthy, chief of market development at ADGM, highlighted the importance of regulatory controls and risk management services in the digital asset space. He emphasized that Tungsten's offerings, combined with ADGM's progressive regulations for digital assets, will empower investors and maintain market integrity by providing robust solutions for asset custody.
