IBDT Group gets initial UAE approval for virtual asset operations

International Business Digital Technology Limited (IBDT), through its subsidiary IBDT Operating Virtual Asset Platform L.L.C (“IBDT Platform”), has received initial approval from the UAE’s Securities and Commodities Authority (SCA). This approval, a "no objection letter," encompasses three core business activities: virtual asset brokerage, virtual asset custodial services, and virtual asset platform operations within the UAE. IBDT Platform is 90% owned by IBDT.

The initial approval from the SCA is a crucial step towards IBDT’s strategy of establishing a digital financial ecosystem connecting Asia and the Middle East, with Hong Kong at its center. The group plans to leverage this opportunity to prioritize the development of digital asset trading, custody, and management services, alongside cross-border settlement and payment solutions, upon obtaining the formal license.

In addition to the regulatory approval, IBDT also announced a change to its company logo, effective immediately. The new logo will be used on all corporate documents, though existing share certificates bearing the old logo will remain valid for trading and settlement purposes.