How ADGM Plans to Make the UAE the Crypto Capital of the World
The Abu Dhabi Global Market (ADGM) has been making continuous strategic efforts to position the UAE as the crypto and blockchain capital of the world.
The region’s regulatory clarity, streamlined process, and strategic position as a global financial hub have contributed to its success.
BeInCrypto spoke with Dmitry Fedotov, the Head of DLT Foundations at ADGM, to understand how its blockchain-friendly regulations have driven crypto giants to open offices in Abu Dhabi.
ADGM Poised to Accelerate Blockchain Adoption
Over the past few years, the UAE has emerged as a global leader in blockchain and Web3 adoption, creating a favorable environment for innovation and growth.
The ADGM, a financial-free zone on Al Maryah Island in Abu Dhabi, has gained particular recognition for its blockchain-friendly regulatory framework.
The ADGM was established in 2013 by a Federal Decree. It functions as the city’s financial center and responds to an independent legal and regulatory framework. Its approach to Web3 innovation has attracted major players in the industry.
“ADGM positions itself as a global leader by taking such innovative steps, inspiring other jurisdictions to adopt forward-thinking solutions that redefine governance and engagement in emerging technologies,” Fedotov told BeInCrypto.
The UAE at large is experiencing a surge in crypto adoption as more businesses and users have adopted digital assets for transactions and investments.
According to Statista, the number of users participating in the country’s crypto market will reach 3.78m users by 2025. Consequently, revenue rates are expected to remain high this year.
UAE’s Crypto Market Revenue is Projected to Reach $254.3m in 2025. Source: Statista.
Meanwhile, the Aptos Foundation, a leading global blockchain entity, announced last month the opening of its new office in the ADGM.
