ADGM Establishes Itself as Key Hub for Blockchain Innovation in UAE
The Abu Dhabi Global Market (ADGM) is a prominent hub for cryptocurrency and blockchain innovation in the UAE. Key points include:
- Established as a financial-free zone with an independent legal framework since 2013
- Attracts major industry players like Aptos Foundation, Chainlink Labs, Polygon Labs, and TON
- Offers a Distributed Ledger Technology (DLT) Foundations Framework for blockchain entities and DAOs
- Regulates virtual assets through the Financial Services Regulatory Authority (FSRA)
- USDT was one of the first approved virtual assets under ADGM’s framework
- Collaborated with the Financial Action Task Force (FATF) to adopt best practices in anti-money laundering
- UAE removed from FATF's enhanced monitoring list in 2023
- Initiatives extend to AI, quantum computing, and autonomous transportation
- Launched "Mediation in the Metaverse" pilot project for digital dispute resolution
- Dubai plans a 17-story Crypto Tower by 2027 for blockchain companies and AI initiatives
ADGM aims to become a global leader in blockchain technology by balancing innovation with compliance.