Zodia Markets, a crypto firm backed by banking giant Standard Chartered, is singing the praises of Abu Dhabi's crypto regulations. Co-founder Nick Philpott lauded the "remarkable" level of interaction and swiftness of the Abu Dhabi Financial Services Regulatory Authority (FSRA) compared to his experience in the UK.

Philpott pointed out the slow and complex application process under the UK's Financial Conduct Authority (FCA), attributing it to a high volume of applications and resource constraints. He even acknowledged the challenges regulators face in retaining experienced staff due to competitive salaries in the private sector.

While empathizing with the FCA, Philpott painted a contrasting picture of the FSRA. He described open communication channels, quick responses even to complex inquiries, and a proactive approach that got Zodia's licensing process rolling within just two weeks. Philpott highlighted the FSRA's collaborative spirit, making it possible to have "very open and collaborative conversations."

This responsiveness is a breath of fresh air for Zodia, which began its search for a crypto-friendly home in October 2021. While Dubai was still formulating its regulations at that time, Abu Dhabi's ADGM stood out for its experience in overseeing similar financial entities. With the recent establishment of Dubai's crypto regulator, VARA, Zodia sees an opportunity to establish a physical presence there as well.

The ultimate goal? Combining Standard Chartered's foreign exchange expertise with the world of crypto to cater to institutional clients. Philpott's own move from the UK to Abu Dhabi underscores Zodia's commitment to the region. His extensive experience at Standard Chartered, coupled with Zodia's existing team in the UAE, positions them well to capitalize on the "huge potential" for growth in Abu Dhabi's flourishing crypto landscape.