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Alpaca, the US company that supplies brokerage infrastructure through APIs, has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market for its Abu Dhabi entity, Alpaca announced on 25 October. The entity is Alpaca Clearing & Custody ME Ltd, which it calls Alpaca Middle East.
Alpaca Clearing & Custody ME Ltd, the Abu Dhabi entity of the US brokerage infrastructure company Alpaca, has in-principle approval from ADGM’s Financial Services Regulatory Authority (FSRA) for its application for a Financial Services Permission. Alpaca announced it on 25 October 2026.
In-principle approval isn’t a permission and doesn’t authorise regulated activity. Once granted, Alpaca plans to offer brokerage and virtual asset custody within the scope the FSRA approves.
Alpaca gave no date for the full permission. It had a separate in-principle approval from Singapore’s MAS in September.
What the approval is
The approval is a step towards a Financial Services Permission, not the permission itself. Alpaca says it doesn’t authorise regulated activities, and services can start only after the FSRA’s conditions are met and the permission is issued. Once granted, Alpaca Middle East plans to offer brokerage and virtual asset custody, limited to what the FSRA ultimately approves.
Hatem ElAraby, chief executive of Alpaca Middle East, said:
“Establishing a regulated presence in Abu Dhabi will allow us to work more closely with institutions in the region.”
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What Alpaca does
Alpaca provides API-driven brokerage infrastructure and aims to make it available to partners in the Middle East. It says it already has relationships with financial institutions and fintechs across the region in digital investing, savings and brokerage, and supports partners in more than 50 countries. It has regulatory footprints in the US, UK, Europe, Japan, India and The Bahamas. Its US brokerage is provided by Alpaca Securities LLC, a FINRA and SIPC member, and its crypto services by Alpaca Crypto LLC, a FinCEN-registered money services business.
In September, Alpaca announced a separate in-principle approval from Singapore’s Monetary Authority for a Capital Markets Services licence.
What’s next
Alpaca hasn’t published a date for the full permission or said which regulated activities it will apply for beyond brokerage and virtual asset custody. It hasn’t named any UAE partner or client.
FAQs
What did Alpaca receive from ADGM’s FSRA?
In-principle approval for its application for a Financial Services Permission, for its entity Alpaca Clearing & Custody ME Ltd.
Can Alpaca operate in ADGM now?
No. The approval doesn’t authorise regulated activities. Services can start only after the FSRA’s conditions are met and the permission is issued.
What will Alpaca offer in the UAE?
Once the permission is granted, brokerage and virtual asset custody, within the scope the FSRA approves.
What is Alpaca?
A US company that provides API-driven brokerage infrastructure for fintechs and financial institutions.
Editor’s Take: Alpaca has cleared the first FSRA step and can’t yet carry on any regulated activity in ADGM. It has also said its planned scope is limited to what the FSRA finally approves. The announcement names no UAE partner and no date, so what Alpaca can do in Abu Dhabi depends on the permission still to come. Its Singapore approval in September follows the same in-principle pattern.