Nick Philpott, the founder of Zodia Markets, which is a digital currency custodian backed by Standard Chartered Bank, recently lauded Abu Dhabi’s cryptocurrency regulations. In an interview with Crypto News, Philpott compared his experience in Abu Dhabi to the regulatory environment in the United Kingdom. He mentioned that the process in the UK was slower and had more complex requirements, especially in terms of entities obtaining registrations with the Financial Conduct Authority under anti-money laundering laws.
He also noted that the Central Bank of Ireland was cautious, with a significant increase in the number of approved entities but still relatively low compared to other jurisdictions. Philpott explained that the delays in the UK were attributed to a large number of applications, many of which were of poor quality, and the limitations on the resources of the Financial Regulatory Authority to process these applications.
In contrast, Philpott praised the Financial Services Regulatory Authority in Abu Dhabi for its prompt response and fast communication channels. He highlighted the proactive approach taken by the Authority, citing the quick licensing process for Zodia within two weeks of initial contact. Philpott described the overall experience as engaging, with open and collaborative conversations, especially regarding complex issues that required clarification.
Overall, Philpott’s positive experience with Abu Dhabi’s regulatory framework stood out in comparison to his experiences in the UK and Ireland. The efficient and responsive nature of the Financial Services Regulatory Authority in Abu Dhabi was commendable and facilitated a smooth process for Zodia Markets to operate within the regulatory framework.