In a significant move for its global expansion, Hong Kong-listed International Business Digital Technology (IBDT) has secured crucial UDA regulatory approval. The company’s UAE-based subsidiary, IBDT Platform, received a formal no-objection letter from a federal regulatory authority in the Emirates. This green light grants preliminary approval to expand its commercial license into three core digital asset activities.
etails of the UAE Regulatory Approval
The federal no-objection letter is a key milestone. It provides IBDT Platform with the preliminary authorization to add three high-value business activities to its commercial license:
- Virtual Asset Brokerage: Facilitating the buying and selling of digital assets for clients.
- Virtual Asset Custody: Providing secure storage solutions for cryptocurrencies and other digital tokens.
- Virtual Asset Platform Operations: Operating a full-scale trading platform for digital assets.
This UAE regulatory approval positions the subsidiary as a comprehensive service provider in the region’s burgeoning crypto market.
Corporate Structure and Financial Impact
International Business Digital Technology maintains a 90% majority ownership stake in the IBDT Platform, with an independent third party holding the remaining 10%. Crucially, the platform’s entire financial performance will be consolidated into the parent company’s financial statements. This will provide a clearer picture of its growth and strengthen IBDT’s overall position in the international digital asset sector.
Why It Matters:
This development is important for several reasons:
- Strategic Positioning: It allows IBDT to become a key player in the UAE’s rapidly expanding crypto and blockchain ecosystem.
- Market Confidence: UAE regulatory approval lends significant credibility and trust to the company’s operations.
- Global Hub Ambitions: This move directly supports the UAE’s strategic goal of becoming a leading global hub for digital finance and innovation.
The approval marks a major step forward for IBDT and reflects the increasing institutionalization of the digital asset industry in progressive jurisdictions.