Abu Dhabi Debuts Crypto Hub Despite Market Bearishness

November 22, 2022

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Abu Dhabi Global Market (ADGM) is optimistic regarding crypto, as it has just announced the launch of the Abu Dhabi Crypto Hub amid significant cyberattacks on numerous crypto businesses, the demise of Terra in May, and the collapse of FTX which collectively led to a crisis in the cryptocurrency market that has never been seen before this year.

The Abu Dhabi Crypto Hub, a web-based network that links with the existing virtual asset enterprises in the financial hub, was launched during Abu Dhabi Finance Week.

According to ADGM “Given the rapid emergence of new virtual assets such as cryptocurrencies and other related assets, ADGM is leading the way to introduce progressive frameworks and regulations around these technologies and developments.”

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The United Arab Emirates (UAE) hopes to become a global cryptocurrency hub, and this latest project is a major step in that direction. ADGM added that the launch can be considered an important representation of the strategic initiatives taken by ADGM in support of economic diversification and the growing role of the second-most populous city of the United Arab Emirates as a financial hub, addressing the current and future needs of the market through innovative technologies.

Abu Dhabi Goes Big On Crypto

ADGM’s goal is to convince significant crypto firms to establish operations in the country’s regulated financial-free zone. Back in December 2021, it gave Hayvn, a platform for trading digital assets, the green light from regulators. Moreover, an organisation called ‘the Middle East, Africa, and Asia Crypto and Blockchain Association (MEAACBA)’ was announced on November 8, 2022 to be launched in Abu Dhabi in order to help the sector grow even faster.

Regarding the Abu Dhabi Finance Week, Binance CEO CZ attended the event and tried to assure the audience of the industry’s bright future.

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Meanwhile, in April, ADGM gave Kraken, one of the biggest CEXs in the world, a licence to run its platform in the country. Binance has also gotten approval from the FSRA to operate in Abu Dhabi.