Nick Philpott, the founder of Zodia Markets, a digital currency custodian supported by Standard Chartered Bank, had high praise for Abu Dhabi’s cryptocurrency regulations. In an interview with “Crypto News” on Thursday, Philpott compared his experience in Abu Dhabi to the regulatory environment in the United Kingdom and Ireland. He mentioned that while the process in the UK was slower and had more complex requirements, with significant delays in obtaining registrations with the Financial Conduct Authority under anti-money laundering laws, he found Abu Dhabi’s Financial Services Regulatory Authority to be different.
Philpott emphasized the speed of communication and the Authority’s proactive approach, citing his own experience of being licensed within two weeks of initial contact with the authority. He described the overall experience as engaging, with the regulator providing open and collaborative conversations, especially when addressing complex matters. In contrast to the challenges faced in Ireland, Philpott appreciated Abu Dhabi’s regulatory efficiency and responsiveness. He commended the Authority for its quick communication channels and proactive stance in addressing regulatory matters. Overall, Philpott found the regulatory environment in Abu Dhabi to be conducive to innovation and collaboration, with a focus on facilitating the growth of digital currency custodians like Zodia Markets.
