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Hidden Road has announced that its Abu Dhabi entity, Hidden Road Partners CIV (AD) Limited, has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). Upon final approval, the firm will be authorised to offer clearing and prime brokerage services for both traditional and digital assets to institutional investors in the UAE.
"Receiving our IPA from ADGM marks a significant milestone for our business," said James Stickland, UAE CEO, Hidden Road. "ADGM's high regulatory standards make it a key market for institutional growth."
The approval reinforces Hidden Road's focus on regulatory compliance across global markets. The firm already holds several regulatory licences including a MiFID investment firm and Crypto-Asset Service Provider (CASP) licence from the Netherlands Authority for the Financial Markets, authorisation as an AMLD5 and MiFID investment firm by the UK Financial Conduct Authority, and registration with multiple US regulatory bodies including the Commodity Futures Trading Commission.
Noel Kimmel, President, Hidden Road
"Our goal from day one has been to equip clients with seamless access both to traditional and digital markets," said Noel Kimmel, President at Hidden Road. "We continue to actively pursue regulatory approvals around the world to deliver on that commitment, recognising the confidence and transparency that follows when operating under clear regulatory frameworks."
Arvind Ramamurthy, Chief of Market Development at ADGM
Arvind Ramamurthy, Chief of Market Development at ADGM, said, "ADGM congratulates Hidden Road on receiving its IPA from the FSRA to operate as a regulated financial services firm. The expansion of their services within the international financial centre is a testament to the immense opportunities available within Abu Dhabi. We look forward to Hidden Road receiving their Financial Services Permission (FSP) and their contribution to ADGM's dynamic ecosystem."
The announcement follows Hidden Road's agreement on 8 April to be acquired by Ripple, a digital asset infrastructure provider, for $1.25 billion. The acquisition is expected to close in the coming months, subject to regulatory approvals, and will enable Hidden Road to expand its capacity to become one of the largest non-bank prime brokers globally.
Last month, Digital Asset infrastructure company Ripple announced the acquisition of Hidden Road for $1.25 billion. Hidden Road currently clears $3 trillion annually across markets with more than 300 institutional customers and is described as one of the fastest-growing prime brokers globally.
