Media365
The United Arab Emirates (UAE) is rapidly cementing its position as a global leader in the digital asset sector on the back of its regulatory infrastructure and the institutional adoption of cryptocurrencies, according to industry insiders at the fourth edition of Abu Dhabi Finance Week (ADFW).
Speaking at ADFW, the largest financial and investment gathering in the Middle East and North Africa, Binance co-CEO Richard Teng said the UAE had been at the industry’s forefront, as capital city Abu Dhabi was the first jurisdiction to start regulating cryptocurrencies in 2018.
Teng said he pushed for that development during his stint as CEO of international financial centre and economic zone Abu Dhabi Global Market. He left that role in 2021 to join Binance.
Recent crypto milestones for the UAE included cryptocurrency exchange Binance securing its first global licence in Abu Dhabi and Zand Bank receiving approval to launch the nation’s first dirham-backed stablecoin on public blockchains.
Apart from “regulatory clarity”, cryptocurrency development also required “institutional adoption” because depending on retail investment could cause volatility, Teng said.
