“Abu Dhabi is reducing its reliance on Crude Oil and Nat Gas and increasing its focus on the cryptocurrency industry with an aim to be the leading crypto hub in the Middle East”— Paul Ebeling
Having already established an initial regulatory framework for its cryptocurrency environment in Y 2018, the Emirate has targeted the attention of digital asset firms in their bid to create a flourishing market for the crypto industry.
With the creation of the Matrix Exchange and Midchains, the 2 regulated DEXs (digital asset exchanges) in Abu Dhabi, a 3rd DEX is on the way, according to the Chairman of the Abu Dhabi Department of Economic Development.
He said the cryptocurrency ecosystem in Abu Dhabi is working to pinpoint the issues with its framework so it proves an attractive opportunity for those influential individuals in the industry.
“The whole ecosystem in Abu Dhabi is working together to make it easy for all the actors of that space, to not only attract them but bring them here [and] to develop the legal framework,” he said.
“We want to find what are the pain points worldwide so we can remove them, and have a very strong robust regulatory framework for those people.”
Crypto investment: It has been a steady pace for Abu Dhabi in its quest to become a major player in the crypto world, with the Abu Dhabi Global Market (ADGM) launching its regulatory framework for spot crypto asset activities in Y 2018.
Since then, the state-owned Mubadala fund announced its investment in the crypto ecosystem, further demonstrating the capabilities of the capital, the fast-growing value of the industry as a reason for the fund’s investment.
This is a business that had $200-B worth of crypto value 2yrs ago, and it is $2.6-T today and growing.
We here at HeffX-LTN are establish in the UAE and see it happening.
Have a prosperous day, Keep the Faith!