Source: Cointelegraph Original: "{title}"
Abu Dhabi Global Market (ADGM) is a financial district managing over $635 billion in assets, and it has signed a Memorandum of Understanding (MoU) with Chainlink to connect traditional finance with blockchain data.
ADGM announced on March 24 that the agreement will allow it to utilize a range of Chainlink tools, such as data feeds and interoperability technologies. This collaboration also aims to foster deeper discussions in the region around blockchain, artificial intelligence, and other emerging technologies.
Established in 2015, ADGM is located within the financial free zone of the United Arab Emirates. It operates under its own civil and commercial legal framework based on English common law. ADGM aims to enhance Abu Dhabi's status as a financial center, playing a key role in attracting global businesses and expanding the city's financial services sector.
As of the end of 2024, ADGM has 134 asset management and fund management companies managing 166 funds. The total number of financial institutions operating within its jurisdiction has increased to 275, including 79 new entrants such as well-known firms like BlackRock, PGIM, and Morgan Stanley.
Increasing Cryptocurrency Adoption in the UAE
Multiple indicators show that cryptocurrency adoption in the UAE is on the rise, driven by the government's open attitude towards emerging technologies. In 2024, downloads of cryptocurrency applications in the country increased by 41% compared to 2023, ranking third among 28 countries in the "2024 Henley Cryptocurrency Application Index."
Abu Dhabi, in particular, has become a popular hub for cryptocurrency companies. In December 2024, the ADGM Financial Services Regulatory Authority officially recognized Tether's USDT stablecoin as an acceptable virtual asset, paving the way for this cryptocurrency to integrate into the local financial ecosystem.
On March 12, Binance announced that Abu Dhabi-based investment firm MGX has invested $2 billion in the exchange, marking one of the largest financing deals in the industry's history.
Dubai, another emirate in the UAE, also maintains an open stance towards cryptocurrency businesses. In February of this year, Dubai approved the US Dollar stablecoin (USDC) and Euro stablecoin (EURC), making them the first two recognized stablecoins under Dubai's regulatory framework.
Related: MGX invests $2 billion in Binance, marking the largest equity investment in cryptocurrency history.
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