Abu Dhabi Global Market (ADGM) has launched a cryptocurrency hub to support the development of virtual assets, blockchain technology, and crypto assets in the region. The centre will enable businesses to navigate the regulatory environment both within the UAE and globally, access market opportunities, and network with industry peers.
“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,” ADGM said in a statement on Wednesday.
The launch of Abu Dhabi Crypto Hub is “an important representation of the strategic initiatives taken by ADGM in support of economic diversification and the growing role of Abu Dhabi as a financial hub, addressing the current and future needs of the market through innovative technologies.”
Kraken and Binance
In April, Kraken, a cryptocurrency exchange, secured a regulatory licence from the ADGM to operate its virtual asset trading platform.
Binance will also offer its services from the ADGM after obtaining approval from the FSRA, it said on Wednesday.
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