XBTO secures a UAE license for digital asset services

XBTO, a global institutional digital asset manager, has received Financial Services Permission (FSP) under the 3A license category from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in the UAE, allowing it to offer digital asset custody, investment, and dealing services.

According to Philippe Bekhazi, CEO and Founder of XBTO Group, the license will enable XBTO to be a positive digital movement in the region and reinforce their commitment to institutional integrity, regulatory transparency and financial innovation in the UAE.

He added, “ADGM has built one of the most respected regulatory frameworks in the digital asset space globally, and we are honored to be recognized under its jurisdiction.”

XBTO will cater to sovereign wealth funds and family offices

The license enables XBTO to cater to institutional investors, sovereign wealth funds, family offices and regional financial institutions as a regulated counterparty.

“This approval gives XBTO the strategic footing to engage more actively with regional partners and demonstrates our alignment with the UAE’s vision of becoming a global hub for digital finance,” said Karl Naim, Chief Commercial Officer and General Manager for UAE at XBTO.

The license approval complements XBTO’s existing regulatory footprint in Bermuda while the company is currently also seeking a license in the UK.

XBTO is a graduate of Abu Dhabi Hub71

In September 2024 XBTO had received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate in the UAE, after being selected by Hub71 digital assets lab.

The company had been an active participant in Hub71’s specialized digital assets cohort and has collaborated with the technology hub on educational initiatives focused on advancing digital asset knowledge and best practices across the region.

Peter Abou Hachem, Head of Growth and Strategy at Hub71, said, “Their move to Abu Dhabi reflects a clear shift toward the Middle East—one of the fastest growing and most liquid markets globally. As more startups choose our ecosystem to launch and grow, we remain committed to helping them scale with speed and impact.”

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