Abu Dhabi Global Market Launches Crypto Hub As New Virtual Assets Emerge

Abu Dhabi Global Market (ADGM) has launched the Abu Dhabi Crypto Hub, an interactive web-based platform that provides users with access to information and connects existing virtual asset firms in the financial centre.

The virtual platform was launched during Abu Dhabi Financial Week.

“Given the rapid emergence of new virtual assets such as cryptocurrencies and other related assets, ADGM is spearheading the introduction of progressive frameworks and regulations around these technologies and developments,” ADGM said in a statement on Wednesday.

The launch of the Abu Dhabi Crypto Hub “is therefore an important representative of ADGM’s strategic move to support economic diversification and Abu Dhabi’s growing role as a financial hub, addressing the current and future needs of the market through innovative technologies”, it said. Say.

September, Financial Services Regulatory Authority (FSRA)the regulator of Abu Dhabi Financial Centre, issued guidelines on its approach Virtual Asset Regulation and regulation outlining its expectations for the industry’s asset classes and service providers.

These principles will complement ADGM’s Regulatory Framework for Spot Virtual Asset Activitiesthe financial regulator said at the time.

They also aim to strengthen regulatory cooperation and cohesion between FSRA and other authorities in the UAE and globally.

The move comes as ADGM continues to attract many large companies dealing with cryptocurrencies to establish a base in its regulated financial free zone.

Last December, it Grant of regulatory license To the virtual asset trading platform Hayvn.

In April, Kraken, one of the world’s largest cryptocurrency exchanges, received a regulatory license from ADGM to operate its virtual asset trading platform.

Blockchain services provider Binance will also offer services through ADGM after receiving approval from the FSRA, said Wednesday.

Updated: November 16, 2022, 4:15pm