Since Bitcoin is scarce and people are becoming more and more aware of the assets’s scarcity, its demand has been increasing. Bitcoin is one of the most prominent forms of virtual assets. There are other forms of virtual assets that may gain traction and appeal to a larger section of people. With increasing awareness of this rising trend, given that credible and major institutions like Tesla, MasterCard, PayPal and MicroStrategy are adopting virtual assets in their ecosystem we are witnessing a continues rise and demand for Bitcoin, thus pushing its value higher. In addition, companies such a Google Pay and Samsung Pay are now contemplating making inroads into the virtual asset field via Bitpay. Virtual assets, through blockchain technology, make it possible for people to carry out global transitions on a peer-to-peer basis with utmost safety. Other virtual assets have also flourished in the current period due to blockchain technology as well as their use in various applications and will continue to do so in the future.
(Note: The above thought piece covers the wider VA industry, and may not be an activity that Arabian Bourse Limited (ABX) is looking to be licensed to undertake.
ABX has received in-principal approval from Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) and is currently in the process of obtaining an FSP. ABX aims to be the first of its kind fully regulated, virtual asset MTF and custodian in the region focused on institutional and retail investors.)