Havyn obtains ADGM license for crypto OTC and custody: FINMA and SFC in Q1 2022

ADGM has granted regulatory approval to Havyn, a digital asset trading platform launched to facilitate investment deals and provide custody for crypto assets.

The Abu Dhabi Global Market (ADGM), the regulatory authority of the financial free zone, is making it easier for investors to gain access to the digital asset ecosystem with protections from the local government.

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Dubai to be home to 1,000+ crypto businesses by 2022

The new regulated over-the-counter (OTC) trading and custody platform is excited to be getting approval from Abu Dhabi’s ADGM, but the financial center’s goal is to double the number of cryptocurrency exchanges available for investors.

Christopher Flinos, co-founder and chief executive at Hayvn, said: “The ADGM regulatory approval adds further depth to our regulatory stack. We are a regulation-led firm, operating in a low-trust industry. With virtual assets becoming more and more institutional, our regulatory framework provides the ideal platform to buy, sell and get custody of virtual assets.”

“Not only will this FSP allow us to attract institutional capital into virtual assets but also allow Hayvn to secure more funding opportunities and set us up with access to capital to scale our businesses even further”, Flinos added.

Rensche Olivier, director of regulation at Hayvn, said the most important factor in the virtual asset space is to build trust. “We operate in an industry that lacks trust and regulation. Being a regulated firm within the ADGM helps build the level of trust that is needed to establish confidence within the new-to-cryptocurrency market.

Dubai expects to have more than 1,000 cryptocurrency businesses by 2022. This will ensure the toughest competition possible, thus allowing the best ones to prevail and expand across the globe with the strongest offering and trading conditions.

The Dubai World Trade Centre is indeed looking to become a specialized crypto zone, with its inherent advantages and risks as the emerging asset class is still something very new and its future is being written as we speak.

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Havyn plans to acquire licenses from Hong Kong’s SFC and Switzerland’s FINMA

“Your Fiat Gateway” is the slogan of Havyn, the digital asset company that acknowledges the issues of trading and custody of digital currencies globally. The firm says the space “continues to be hindered by a lack of regulation, excessive volatility, and bad practices” and “the world needs a new standard in digital currency”.

That’s where Havyn comes in, the company states. “Our OTC and Custody platform is built on unprecedented levels of transparency, security, regulatory compliance and execution capability. HAYVN is the trading and custody platform that digital currency investors demand and deserve.”

Havyn offers deep pools of digital currency which enable high value transfers, with executions going up to $500Mn, quickly, competitively and securely. The fee structure is a fixed percentage of each trade and the firm is banked with Signature Bank in New York, where they settle immediately, sending unrestricted fiat transfers to clients globally.

The exchange is regulated in the Abu Dhabi Global Market to “Arrange Deals in Investments and to Provide Custody Services”, but the firm also has a VASP Licence in the Cayman Islands and are expanding throughout Asia and Europe via the SFC (Hong Kong) and FINMA (Switzerland) in Q1 2022.