The rise of adoption of virtual assets in the MENA region

The rise of virtual assets adoption in this side of the world follows the adoption and implementation of blockchain technologies in projects in the MENA region, namely the Gulf states. The participation in the virtual assets ecosystems facilitated by different blockchains and networks was a natural consequence of this development. Moreover, retail traders remained at home for large amounts of time during the government-mandated lockdowns across the region, and therefore increased their online trading activities during the volatile markets of 2020, which included trading and accumulating virtual assets on their exchange accounts and wallets. Important motives for the adoption of virtual assets have been the diversification of financial portfolios and the protection of wealth due to the uncertain economic climate of the current era.

(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-principle 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.)

Related Posts