UAE’s Crypto Odyssey: Abu Dhabi’s Rise to Prominence

 

A tectonic shift is taking place in the Bitcoin industry’s ever-changing landscape, and the attention is squarely on Abu Dhabi.

 As the global crypto crackdown tightens, big firms are shifting their emphasis to the UAE capital, claiming a convergence of circumstances that make it an increasingly appealing location for crypto innovation and expansion.

Copper Technologies Ltd., Paxos Trust Co., and eToro Group Ltd. have recently shifted their focus to Abu Dhabi for worldwide expansion. The Abu Dhabi Global Market (ADGM), the emirate’s international economic zone, is developing as a desirable location for obtaining permits and creating critical components of crypto enterprises.

 Notably, shares in Phoenix Group Plc, a cryptocurrency mining hardware company, soared 47% after its first public offering in Abu Dhabi on December 5.

While neighboring Dubai created VARA in March of last year, Abu Dhabi has intentionally positioned itself to catch the attention of the cryptocurrency business. The ADGM’s dedication to regulatory consistency and transparency fits with the industry’s need for a stable regulatory environment.