Analysis
21 Firms Hold ADGM FSRA Permissions for Virtual Assets in Abu Dhabi; 13 May Not Deal With Retail Clients
Every active firm on ADGM's FSRA register in the Virtual Assets asset class, with activities, dates and retail stipulations.
The short version: 21 firms hold an active Financial Services Permission from ADGM's FSRA with regulated activities covering virtual assets (FSRA Public Register, read 22 Oct 2026). For 13 of them the register shows the stipulation that they may not deal with retail clients; 5 may not hold or control client assets. 7 were permitted in 2025 or later, the latest SHIFT INVESTMENTS LIMITED (5 Oct 2026). 7 more firms in this asset class are shown as withdrawn.
Active Firms
| 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 |
Brands link to their UAE firm page where one exists. Dubai's VARA and Abu Dhabi's ADGM are separate regulators; a firm may appear on one register, both or neither.
Sources
- ADGM FSRA Public Register www.adgm.com