{"id":210985,"date":"2023-12-12T14:50:48","date_gmt":"2023-12-12T09:20:48","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=210985"},"modified":"2023-12-12T14:50:48","modified_gmt":"2023-12-12T09:20:48","slug":"heres-why-crypto-titans-plot-daring-shift-to-abu-dhabi-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/heres-why-crypto-titans-plot-daring-shift-to-abu-dhabi-crypto-news\/","title":{"rendered":"Here’s Why Crypto Titans Plot Daring Shift To Abu Dhabi – Crypto News"},"content":{"rendered":"

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As crypto markets grapple with regulatory uncertainties in major hubs like the U.S.<\/a>, Abu Dhabi is swiftly positioning itself as an attractive destination for cryptocurrency<\/a> companies. Recent weeks have seen the likes of Copper Technologies, Paxos Trust, and eToro Group Ltd, among other crypto titans, turning to the vibrant city, drawn by a combination of investor-friendly policies, a growing network of partners<\/a>, and a forward-thinking regulatory approach.<\/p>\n

Abu Dhabi\u2019s Crypto Appeal Grows<\/h2>\n

Amid the tumultuous global landscape for cryptocurrency companies, Abu Dhabi is emerging as a haven, with companies like Copper Technologies Ltd., Paxos Trust Co., and eToro Group Ltd. choosing it for expansion. Notably, the Abu Dhabi Global Market (ADGM) is becoming a hotspot, offering a supportive environment for crypto businesses, according to a recent Bloomberg report<\/a>.<\/p>\n

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Meanwhile, the report suggested that several executives praise the city\u2019s strategic advantages<\/a>, including a burgeoning network of partners, a supportive regulatory stance, and deep-pocketed investors.<\/p>\n

In a recent interview, Copper CEO Dmitry Tokarev highlighted Abu Dhabi\u2019s enthusiasm for blockchain<\/a>-based financial markets. On the other hand, ADGM\u2019s Financial Services Regulatory Authority is aligning itself with innovation in digital assets, as outlined in its 2024 business plan.<\/p>\n

Meanwhile, with a decade-long track record, the ADGM is gaining respect, especially when compared to Dubai\u2019s Virtual Assets Regulatory Authority (VARA), which is solely focused on the crypto space. In addition, Walter Hessert, Head of Strategy at Paxos Trust Co., emphasized the logical choice of ADGM, citing the opportunity to operate under British common law and the regulator\u2019s commitment to consistency and clarity in regulations.<\/p>\n

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Also Read: Polygon Unveils Unified Portal For Web3 Interactions, MATIC Price To Rally?<\/a><\/strong><\/p>\n

Strategic Moves and Challenges in the UAE Crypto Hub<\/h2>\n

While Abu Dhabi has successfully attracted prominent names, Dubai\u2019s VARA still boasts a higher number of registered firms in its ecosystem. For instance, Binance Holdings has gained operational approval from VARA but faced delays in securing a regional regulator\u2019s approval for a global headquarters.<\/p>\n

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Meanwhile, in a recent turn of events, Binance, the prominent cryptocurrency exchange<\/a>, has opted to withdraw its application<\/a> for an investment fund license in Abu Dhabi. The decision comes amid escalating regulatory scrutiny.<\/p>\n

For context, BV Investment Management, Binance\u2019s UAE subsidiary, chose not to pursue the license for the Abu Dhabi collective investment fund and subsequently withdrew its filing. It\u2019s noteworthy that the registration process with Abu Dhabi\u2019s Financial Services Regulatory Authority (FSRA) commenced in November of the previous year.<\/p>\n

Meanwhile, despite the growing appeal, the UAE\u2019s crypto industry remains smaller than traditional hubs.<\/p>\n

However, businesses are strategically seeking licenses in both Dubai and Abu Dhabi, capitalizing on the local and international market potentials. As the crypto landscape evolves, the UAE aims to solidify its position, showcasing a commitment to robust crypto regulations<\/a> and enforcement actions against illicit activities.<\/p>\n

Also Read: Global Stablecoin Settlements Already At 50% to That of VISA and Mastercard<\/a><\/strong><\/p>\n

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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As crypto markets grapple with regulatory uncertainties in major hubs like the U.S., Abu Dhabi is swiftly positioning itself as an attractive destination for cryptocurrency companies. Recent weeks have seen the likes of Copper Technologies, Paxos Trust, and eToro Group Ltd, among other crypto titans, turning to the vibrant city, drawn by a combination of […]<\/p>\n","protected":false},"author":2,"featured_media":210986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-210985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/210985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=210985"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/210985\/revisions"}],"predecessor-version":[{"id":210991,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/210985\/revisions\/210991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/210986"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=210985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=210985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=210985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}