WHAT DINA THINKS: Abu Dhabi as The Rising Star in the Crypto Field

Hey expats! Some of you may not know this, but Abu Dhabi isn’t just joining the crypto revolution—it’s aiming to lead it. In recent times, the emirate has become a hotspot for crypto giants seeking global expansion. Companies like Copper Technologies, Paxos Trust, and eToro Group (if you have heard of them) have set their sights on Abu Dhabi, securing licenses or establishing segments of their crypto operations within the emirate’s economic zone.

The spotlight shines on Phoenix Group, a cryptocurrency mining hardware company. Its monumental 47% surge in shares following its Abu Dhabi public market debut on December 5 speaks volumes, showcasing the region’s growing prowess and allure in the crypto market.
Executives and industry insiders laud the city’s burgeoning ecosystem, evolving governmental policies, and robust investor support. Abu Dhabi’s Financial Services Regulatory Authority, operating within the international economic zone, champions innovation in digital assets—a promising sign for businesses seeking a forward-thinking environment.







As Dubai introduced the Virtual Assets Regulatory Authority (VARA) last year, Abu Dhabi has strategically positioned itself as a formidable contender. The longevity of Abu Dhabi’s financial regulator, boasting a decade-long legacy, stands in contrast to Dubai’s VARA, solely focused on the asset class.Amid achievements, there are learning curves. Regulatory processes, while intricate, ensure a robust framework for the evolving crypto landscape. Occasionally, some firms encounter minor delays in securing approvals, a testament to the meticulousness of the regulatory system rather than an indictment of its agility. Crypto users know that this is an absolutely normal occurrence in the field.


I think that Abu Dhabi’s recent strides are, with no doubt, impressive.


Businesses are adopting a dual-strategy approach. While Dubai licenses cater to local markets, Abu Dhabi’s ADGM approval targets a global reach. This dual strategy signifies a strategic move to leverage the strengths of both emirates.


Abu Dhabi’s ascent in the crypto universe marks a significant chapter in its story. It’s not merely joining the revolution; it’s laying the groundwork to spearhead it. As regulatory landscapes evolve and businesses adapt, Abu Dhabi’s position as a crypto hub is a defining narrative—a testament to the UAE’s ambitions in the crypto realm.


Expats and crypto users, what do you think?

Comments

Post a Comment

Popular posts from this blog

WHAT DINA THINKS: UAE In G20 Summit in India

Image
The G20 summit has taken place in New Delhi, the capital of India (for now...it may soon be called "Bharat!) today. In the summit, the leaders of the 19 participating countries, plus the European Union countries.... so that's 46 countries in total.  Anyway, this summit, founded in 1999, focuses on  addressing major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.  According to their website, it also plays a vital role in  shaping and strengthening global architecture and governance on all major international economic issues.   According to the state news agency WAM, the UAE's involvement in the G20 process for the fourth consecutive year demonstrates the nation's dedication to enhancing international cooperation and collaborative efforts. This commitment reflects the UAE's ongoing pursuit of sustainable development and shared prosperity on a global scale.  As an expat in the UAE
Read more

Three Years of Abraham Accords

Image
The signing of the Abraham Accords, which took place in the Middle East three years ago, was a historic occasion that resonated beyond ideologies and national boundaries in an area that is typically marked by lingering hostilities from the past. This historic agreement is a testimony to the eternal ideas of tolerance, discussion, and peace and establishes a previously unheard-of partnership between Israel and the United Arab Emirates (UAE). Within the UAE, the Accords have catalyzed a remarkable era of diplomacy and collaboration. The ethos of tolerance and acceptance has thrived, as Emiratis have warmly embraced their Israeli counterparts. It is a profound testament to the potential of dialogue and mutual comprehension in crafting sustainable peace. At the heart of this burgeoning partnership lies the Economic Partnership Agreement, igniting a surge of innovation and commerce between these two nations. Joint ventures, investments, and collaborative ventures have burgeoned, resulting i
Read more

Dr. Sultan Al Jaber Unites Financial Forces for Global Climate Resilience

Image
In a series of influential discussions on climate finance, Dr. Sultan Al Jaber, the designated president of COP28, emphasized pivotal aspects crucial for global climate action. His remarks within these discussions underscored the urgency and necessity for collective commitment and transformative initiatives. Dr. Al Jaber lauded initiatives like the Climate Finance Mobilisation Forum, recognizing them as pivotal avenues for progress. He highlighted the significance of the funding commitments announced by influential private sector entities and philanthropists, deeming them precisely aligned with the crucial steps required ahead of COP28. Acknowledging the vital role of leadership from the US and UK, Dr. Al Jaber stressed their crucial role in meeting climate finance pledges and further mobilizing substantial capital. While recognizing the assurance regarding the $100 billion annual climate finance pledge made in 2009, he emphasized the necessity to escalate efforts, underlining the need
Read more