Analysis
9 Active ADGM Firms May Provide Virtual-Asset Custody; 1 May Operate a Multilateral Trading Facility
Current virtual-asset activities of every active ADGM firm, from each firm's FSRA register page.
The short version: Of the 21 active ADGM firms with virtual-asset activities, 9 are permitted to provide custody and 1 to operate a multilateral trading facility (FSRA, read 22 Oct 2026). The most common current activities are dealing in investments as principal (matched) (10), arranging deals in investments (9), providing custody (9), advising on investments or credit (5), arranging custody (4).
Every Active Firm
| Firm | Current virtual-asset activities | Retail stipulation | FSP date | FSP no. |
|---|---|---|---|---|
| AMINA Bank AG | Advising on Investments or Credit, Arranging Credit, Arranging Custody, Arranging Deals in Investments | Not with retail clients | 7 Feb 2022 | 210043 |
| Aspen Digital Financial Limited | Advising on Investments or Credit, Arranging Deals in Investments, Dealing in Investments as Principal (Matched), Managing Assets, Managing a Collective Investment Fund, Providing Custody | — | 11 Dec 2024 | 240034 |
| BTCS (MIDDLE EAST) LTD | Dealing in Investments as Agent, Dealing in Investments as Principal (Matched), Providing Custody | Not with retail clients | 1 Jul 2026 | 250043 |
| BurjX MENA Ltd. | Dealing in Investments as Principal (Matched), Providing Custody | — | 11 Jun 2025 | 240022 |
| Changer.ae Limited | Providing Custody | — | 15 Sep 2023 | 220142 |
| eToro (ME) Ltd | Arranging Custody, Arranging Deals in Investments, Dealing in Investments as Principal (Matched), Managing Assets | — | 16 Oct 2023 | 220073 |
| Hidden Road Partners CIV (Middle East) Limited | Arranging Deals in Investments, Dealing in Investments as Principal (Matched) | Not with retail clients | 15 Dec 2025 | 250034 |
| Klickl International Limited | Dealing in Investments as Principal (Matched) | — | 16 Apr 2024 | 220070 |
| Laser Digital (AD) Limited | Arranging Deals in Investments, Dealing in Investments as Principal (Matched), Managing Assets, Managing a Collective Investment Fund | Not with retail clients | 7 Jun 2024 | 240029 |
| Ousoul Assets Custodian and Trading Facilities Limited | Operating a Multilateral Trading Facility, Providing Custody | — | 28 Jul 2020 | 190014 |
| Paxos Middle East Ltd | Dealing in Investments as Agent, Providing Custody | — | 17 Oct 2024 | 220166 |
| Primrose Capital Management (Middle East) Limited | Managing Assets, Managing a Collective Investment Fund | Not with retail clients | 10 Dec 2025 | 250037 |
| QCP Trading Middle East Limited | Arranging Deals in Investments, Dealing in Investments as Principal (Matched) | Not with retail clients | 27 May 2025 | 250048 |
| Rain Trading Limited | Dealing in Investments as Agent, Providing Custody | — | 22 Dec 2022 | 210063 |
| SHIFT INVESTMENTS LIMITED | Arranging Deals in Investments, Managing a Collective Investment Fund | Not with retail clients | 5 Oct 2026 | 250059 |
| Standard Chartered Bank | Arranging Custody | Not with retail clients | 10 Dec 2019 | 190030 |
| Sygnum Bank AG | Advising on Investments or Credit, Arranging Credit, Arranging Custody, Arranging Deals in Investments | Not with retail clients | 16 Mar 2023 | 220077 |
| TRITON LIMITED | Advising on Investments or Credit | Not with retail clients | 11 Dec 2024 | 240017 |
| Tungsten Custody Solutions Ltd | Providing Custody | Not with retail clients | 27 Nov 2023 | 220129 |
| XBTO Middle East Limited | Advising on Investments or Credit, Arranging Deals in Investments, Dealing in Investments as Principal (Matched), Providing Custody | Not with retail clients | 14 May 2025 | 240072 |
| Zodia Markets (AME) Limited | Dealing in Investments as Principal (Matched) | Not with retail clients | 10 Dec 2024 | 220132 |
Sources
- ADGM FSRA Public Register www.adgm.com