Copper Takes Leap into Abu Dhabi's Digital Securities Brokerage

• Copper Intends to Launch Digital Securities Brokerage Service in Abu Dhabi
• Role of Copper Securities
• Impact of Securrency Acquisition
• Copper Joins Other Crypto Businesses in United Arab Emirates
• Abu Dhabi's Institutional Focus
• Convergence of Traditional Finance and Blockchain Technology
• Services Copper Securities Will Offer

Copper Intends to Launch Digital Securities Brokerage Service in Abu Dhabi

Copper, a firm specializing in cryptocurrency custody and trading, has unveiled its plan to launch a brokerage service for digital securities in Abu Dhabi. The new service is set to kick off early next year, according to the company's announcement on Wednesday.

Role of Copper Securities

The new branch tagged 'Copper Securities', offering execution and custody services, is currently working in liaison with Abu Dhabi's Financial Services Regulatory Authority (FSRA). They aim to secure the necessary regulatory approvals by early 2024.

Impact of Securrency Acquisition

Copper Joins Other Crypto Businesses in United Arab Emirates

Copper is now part of a growing number of crypto businesses eyeing the United Arab Emirates (UAE), a region providing more regulatory clarity for digital assets compared to many other jurisdictions. Copper's CEO, Dmitry Tokarev, has lauded Abu Dhabi as the capital of capital, referencing the region's significant accumulation of institutional assets.

Abu Dhabi's Institutional Focus

According to Tokarev, Abu Dhabi is heavily institutional and centers around asset management, a characteristic that aligns with Copper's modus operandi, as it serves only institutional clients. Despite the lack of a vast retail market, the region hosts major institutions, hedge funds, and sovereign wealth funds.

Convergence of Traditional Finance and Blockchain Technology

A steady convergence between traditional financial (TradFi) systems and blockchain technology is observable, with banks and asset managers increasingly seeking to tokenize traditional financial assets.

Services Copper Securities Will Offer

Copper Securities will provide services such as automated processing of corporate actions, settlements, top-ups and rebalances. There are also aspirations to introduce securities financing, lending, and payments applications within the next year.

Edited by Jonathan Stoker