Some time ago, BlockReg Advisors published a post with regard to the Virtual Assets Regulation Authority of Dubai (VARA) and its compulsory VASPs regulations. By promoting the UAE as a secure hub for digital assets and aligning with international standards like FATF, VARA aims to attract digital expansion while ensuring top-notch compliance.
Meanwhile, Abu Dhabi is carving its niche in the crypto domain through its Financial Services Regulatory Authority (FSRA) and the Abu Dhabi Global Markets (ADGM). With its thriving International Financial Centre and a focus on fintech, FSRA is providing a robust and progressive regulatory framework for digital assets.
What sets Abu Dhabi apart is its inclination towards institutional-focused markets, creating an ideal environment for bridging the gap between traditional finance and the digital asset space. As a hub where financial executives mingle with crypto players, it's an exciting place for innovation and collaboration.
ADGM's strong focus on nurturing fintech growth has paved the way for integrating blockchain and cryptocurrencies seamlessly into its ecosystem. This inclusive approach, supported by clear rules and licenses, has attracted significant investment, making it a prime destination for entrepreneurs seeking funding in the region.
ADGM is also a key partner of Hub 71 - a global tech network that empowers founders to establish enduring local tech companies across sectors. This is made possible by providing access to worldwide markets, a financial network, a global partner community, and a vibrant pool of skilled talent. All of this is governed by progressive regulations. Hub71 has also launched an initiative called Hub71+ Digital Assets, which is a game-changing move with a substantial $2 billion fund allocated to support Web3 projects. This commitment highlights Abu Dhabi's aim to lead the crypto revolution and cements its position as an innovative hub.
For authorization to conduct an ADGM-approved digital assets business, a company simply needs to apply for a Financial Services Permission and follow relevant laws. Those seeking a license as a VARA-approved “Virtual Asset Service Provider” follow a similar process.
In the ever-evolving world of crypto, staying updated on regulatory developments is crucial. At BlockReg Advisors, we are dedicated to keeping a watchful eye on the rapidly changing crypto landscape.
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