Abu Dhabi aspires to be the world’s cryptocurrency leader.

Abu Dhabi is lowering its reliance on oil and gas while expanding its attention on the cryptocurrency business to become the Middle East’s premier crypto hub.

Abu Dhabi is lowering its reliance on oil and gas while expanding its attention on the cryptocurrency business to become the Middle East’s premier crypto hub.

After establishing an initial regulatory framework for its cryptocurrency environment in 2018, the Emirate has focused on digital asset enterprises to develop a thriving market for the crypto sector.

According to Shorafa Al Hammadi, Chairman of the Abu Dhabi Department of Economic Development, with the establishment of the Matrix Exchange and Midchains, the two licensed digital asset exchanges in Abu Dhabi, a third DEX is on the way.

According to Al Hammadi, the cryptocurrency ecosystem in Abu Dhabi is striving to identify faults with its structure to make it an appealing prospect for those influential persons in the business.

He said:

“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. [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.”

Abu Dhabi’s journey to become a key participant in the crypto market has been long. The Abu Dhabi Global Market (ADGM) introduced its legal framework for spot crypto asset trading in 2018.

Since then, the state-owned Mubadala fund has made an investment in the crypto sector, showcasing the capital’s possibilities even further.

Mubadala CEO Khaldoon Al-Mubarak, well known as the head of Manchester City football club, cited the industry’s fast-growing value as a justification for the fund’s involvement.

Mubarak said:

“I think, you know, this is a business that had, what $200 billion worth of crypto value two years ago, and it’s two and a half trillion dollars today and growing,” 

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Patrick

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