Abu Dhabi, capital of the United Arab Emirates (UAE), has stated that it seeks to become one of the largest cryptocurrency hubs in the world. The region seeks to reduce its dependence on standard oil and gas while increasing its investments in the crypto space.
Abu Dhabi and Crypto… a solid pair?
The UAE was one of the first nations to establish regulations for the growing crypto space, it did so in 2018. Since then, many new digital currency trading platforms and related businesses have flocked to the country as a means of establishing themselves in a financial market. lawful. market. space.
Two of the regulated exchanges in Abu Dhabi, known as Matrix Exchange and Mid Chains, are among the most recognized cryptocurrency trading platforms in the world, and now it looks like a third, set up to be fully decentralized, will make its way to the nation as well.
This confirmation comes through Shorafa Al Hammadi, chairman of the Abu Dhabi Department of Economic Development. In an interview, Hammadi says the country is working to attract as many cryptocurrency companies as possible and wants to be an influencer in what is becoming one of the fastest growing arenas in the world of finance. He says:
The entire ecosystem in Abu Dhabi is working together to make it easier for all the actors in that space to not just attract them, but bring them here [and] develop the legal framework. [We want] to find out what the weaknesses are around the world so we can eliminate them and have a very strong and solid regulatory framework for these people.
The country is undoubtedly doing a lot for itself in the crypto space, although it could be argued that the country is likely to encounter a lot of competition from the Central American nation of El Salvador, which is arguably ahead of it. El Salvador declared last summer that it would be the first nation to make Bitcoin legal tender.
As many countries have just talked about, El Salvador was the first nation to implement it, and while there have been some ups and downs in the process, El Salvador is really cementing its place in the world of digital finance.
Growing investments = a growing space
Abu Dhabi has been on its current path for nearly four years now. Mubadala CEO Khaldoon Al-Mubarak, who is also chairman of Manchester City football club, claimed that his organization has invested a lot of money in Abu Dhabi’s cryptocurrency agenda and therefore the region is expanding like crazy. He says:
I think, you know, this is a deal he had, what? $200 billion worth of cryptocurrency two years ago, and today it's two and a half trillion dollars and it's still growing, so I think that while a lot of people are skeptical, I don't fall into that category.