Abu Dhabi Issues A Thought Paper On Crypto

Maja Mazur
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The Abu Dhabi Securities Exchange has issued a thought paper about cryptocurrencies and blockchain technology. It contains plans for establishing criteria for issuing cryptocurrencies and blockchain-based projects. Also, it will help to make the transition from the traditional to crypto assets in financial institutions a lot easier.

News from United Arab Emirates

Abu Dhabi, with Dubai in the lead, is one of the fastest developing countries in the world. Among other technological, economical and business improvements, crypto assets definitely are the priority there.

Now, The Abu Dhabi Securities Exchange (ADX) has issued a thought paper, concerning cryptocurrencies and blockchain technology. The news has been confirmed by the Emirati government on November 6th. The paper has been prepared in cooperation with the Central Securities Depositories and the International Securities Service Association (ISSA).

Why the changes?

The paper is all about making digital assets as safe and efficient as possible. Also, the development was given absolute priority. The ideas presented in the document will mainly influence the infrastructure of crypto and the financial market. ADX plans to establish the technical and operational criteria for issuing cryptocurrencies and support transition from traditional to crypto assets in financial institutions. That move will help the crypto technology develop further in UAE.

The expert opinion

The Chief Executive of ADX, Rashed Al Blooshi, in a comment about the paper stressed the importance of the market development. He also reminded that ISSA is constantly working on the Distributed Ledger Technology based on blockchain. But not only the business aspect is important for ADX. The firm also cares deeply about expanding the knowledge of the crypto assets infrastructure.

The whole project was dictated by the growing popularity of digital money and blockchain technology all around the world, but especially in UAE. By working on the infrastructure of crypto assets, ADX is hoping to improve the usage of such technologies in the country.

”At ADX, we embrace new and innovative technology and are always looking to capitalise on advancements in FinTech; particularly in crypto-assets to optimise the benefits we offer to our investors and stakeholders,” summed up Al Blooshi.

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