Friday, July 19, 2024

Evolution of Regulatory Approaches in Abu Dhabi, According to Binance Executive

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In a recent interview, Dominic Longman, senior executive officer at Binance Abu Dhabi, discussed the increasing institutional interest in crypto, potential crypto ETFs, and efforts in the region to attract web3 talents. The UAE’s exclusion from the FATF greylist was highlighted as a positive development, indicating the country’s commitment to improving its regulatory framework and transparency.

Longman mentioned the growing institutional interest in the crypto space, hinting at broader adoption among various financial institutions over time. The UAE has positioned itself as a leading crypto hub globally, fostering collaboration between governments, regulators, startups, and established organizations to accelerate blockchain adoption.

Regarding the absence of Bitcoin ETFs in the UAE, Longman noted the recent approvals of such ETFs in the U.S. and Hong Kong as significant milestones for the industry. While no Bitcoin ETFs are currently available in the UAE, Longman suggested that regulatory approaches could evolve based on global trends and local market demands.

Despite challenges in regulatory compliance, the UAE government is actively creating a supportive environment for crypto startups, aiming to streamline business set-up processes. The influx of crypto firms in the UAE has also contributed to the growth of a talent pool for the industry, supported by government initiatives like coding schools and talent-centric programs.

Binance has expanded its presence in the UAE, particularly in Dubai, due to the Emirate’s leading role in web3 development and its favorable regulatory environment. The government’s commitment to blockchain innovation, as showcased through initiatives like the Dubai Blockchain Strategy, further solidifies the UAE’s position as a hub for digital assets in the MENA region.

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