Abu Dhabi city becomes the center of crypto in the Middle East…Details here


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Abu Dhabi, the capital of the United Arab Emirates is also the second most populous city in the country, with an estimated population of about 1.5 million.

Due to rapid development and urbanization and the large oil and gas reserves and production, “Abu Dhabi” has become a well-known and developed city, as the city represents about two-thirds of the United Arab Emirates’ economy of nearly $400 billion.

Abu Dhabi and facilitating cryptocurrency transactions:

Mr. Sharaf Al Hammadi, Head of the Department of Economic Development in Abu Dhabi, recently gave an interview to “Blockworks”, which is a news site that focuses on cryptocurrency news such as our site Bitcoin Arab.

Sharaf Al Hammadi stated:

The Abu Dhabi government has set itself a deadline for the end of 2021 to facilitate traffic and transition between cryptocurrency exchanges and regular tools.

According to the same spokesman, the new trading platform “dex.ae” will soon begin its full operations in the country.

There are two cryptocurrency exchanges already operating from the UAE: Matrix Exchange and Midchains.

Sharaf Al Hammadi added:

The entire ecosystem in Abu Dhabi is working to make it easier for all the actors in this space, not just to attract them but to develop the legal framework, to find and address the pain points around the world so we can remove them, and all of that will be under a very strong regulatory framework for these people and entities. .

Reshaping Abu Dhabi’s Economy:

Emmanuel Jevanakis, CEO of the Financial Services Regulatory Authority in Abu Dhabi, told the same aforementioned source:

Abu Dhabi’s bid to become a cryptocurrency hub is part of its ongoing efforts to reshape its economy.

A focus on innovation in financial technology would help reduce the country’s dependence on gas and oil.

He added:

The first risk we focus on is anti-money laundering, through technology governance systems and controls, customer funds protection, custody and exchange risks, as these are important risks that we must pay attention to.

We also need to develop systems to monitor these frameworks.

We’re one of the few places that they feel they can establish, and people are trying to understand it and trying to understand how to organize it.

On December 27, we reported on Bitcoin Arabia about Binance obtaining authorization and licensing from the Central Bank of Bahrain to operate as a cryptocurrency service provider in the country.

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