“The next five years are going to be explosive” for crypto in Abu Dhabi, 3iq_corp’s Pascal St-Jean says. It ranks No. 6 on CryptoHubs2023:
The United Arab Emirates’ hubs of Abu Dhabi and Dubai had identical scores for crypto regulatory structure and crypto adoption, two of the most heavily weighted criteria in the ranking overall. But while the UAE’s regulatory structure is top tier – and accounts for 35% of its total score – its crypto adoption score was in the bottom quintile. Arguably, the low score is a reflection of the greater Emirati population, rather than the behavior of the residents of Abu Dhabi and Dubai themselves.
Abu Dhabi is the capital of the United Arab Emirates and the quieter counterparty to the flare and bustle of Dubai. While Dubai is widely recognized as a crypto hub, Abu Dhabi remains under the radar. “Abu Dhabi’s always been a bit more of an institutional-focused market, whereas Dubai has been more of a consumer-focused market,” said Basil Al Askari, co-founder and CEO of MidChains, an Abu Dhabi-based digital-asset trading exchange and custodian for global institutions. Therefore, if you’re looking for a crypto hub where blue-chip bank executives shake hands with players in the digital asset space, Abu Dhabi is the place for you.
The capital city’s financial services industry is centered in Abu Dhabi Global Markets , an offshore, economic free zone with an agenda and regulatory framework that can be valuable to those looking to bridge the gap between institutions and crypto.
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