Virtual Assets Abu Dhabi Startup News

Tyler and Cameron Winklevoss, the billionaire founders of cryptocurrency platform Gemini, are weighing the UAE as a potential center for their crypto exchange operations in the Middle East. The identical twins are reported to be on the brink of filing an application for a virtual asset license within the country. The Winklevoss twins, recognized for their significant contribution to the crypto sphere and their individual net worth of approximately $1.2 billion as per Forbes, have yet to finalize the location for their business within the UAE.

In a bold move that amplifies the role of technology in global finance, the Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) have recently joined hands to strengthen their financial cooperation. The two monetary authorities held a significant bilateral meeting on May 29, aimed at enhancing collaboration between the financial services sectors of the two jurisdictions. The meeting saw a spirited discussion on several collaborative initiatives, with an agreement to enhance cooperation in three major areas - financial infrastructure, financial market connectivity, and significantly, virtual asset regulations and developments.

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 leading cryptocurrency exchanges move to the UAE The UAE is set to be the world leader in virtual assets with more startups being formed and moving to the country than ever. Abu Dhabi has multiple blockchain and FinTech startups, as does Dubai, which nabbed the biggest cryptocurrency exchange Binance in September of this year. Binance was granted a provisional license in March to operate in Dubai and approval to join the minimal viable product (MVP) program from Dubai’s Virtual Asset Regulatory Authority (VARA) in September.