Skip to main content

Abu Dhabi launches new cryptocurrency hub despite downturn

Despite a global slump, cryptocurrency is growing in the UAE in line with the government’s diversification goals.
DIRK WAEM/BELGA MAG/AFP via Getty Images

Abu Dhabi launched a new cryptocurrency project today. 

The Abu Dhabi Global Market’s crypto hub is a virtual platform to connect people to cryptocurrency and virtual asset companies. The announcement was made during the Abu Dhabi Finance Week currently taking place and fits with the United Arab Emirates’ economic diversification goals, the Abu Dhabi government's media office said in a statement. 

The Abu Dhabi Global Market is an economic free zone that hosts companies in the eponymous city. It is subject to its own English common law-based system. 

The Abu Dhabi crypto hub’s website is interactive. It provides visitors with information on the regulation of digital assets as well as a list of cryptocurrency, fintech and other related companies operating in the Abu Dhabi Global Market. 

Why it matters: The UAE is seeking to become a hub for cryptocurrency and has had some success in this regard. The major cryptocurrency platform Binance received permits to operate in the Abu Dhabi Global Market this week. 

Binance CEO Changpeng Zhao was in Abu Dhabi for Finance Week. Many cryptocurrencies have plummeted in value this year, and the crypto exchange FTX just filed for bankruptcy. Zhao sought to reassure the crowd in Abu Dhabi of crypto’s promising future, but some attendees were skeptical, Salim A. Essaid reported for Al-Monitor from the event. 

Crypto is growing in the UAE despite the market downturn. Last month, the Dubai-based crypto platform BitOasis launched a crypto payment card

Know more: The Abu Dhabi Global Market’s court system also announced this week it would adopt blockchain technology to seal court rulings.

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Free

The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.

Free

What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing
Expert

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial

We also offer team plans. Please send an email to pro.support@al-monitor.com and we'll onboard your team.

What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial