Jamie McNeill
The UAE wants to be the number one place in the world for the adoption of digital assets, and has been taking a series of decisions in order to further their goals to become the global hub for cryptocurrency and investing. As such, Abu Dhabi has now launched a $2 billion crypto programme in order to welcome Web3 and blockchain startups.
Abu Dhabi launches the Hub71 initiative
The new initiative is known as Hub71+ Digital Assets, and is a $2 billion investment into the sphere to advancing Web3, blockchains, and the metaverse.
This news follows similar investments plans that have been unveiled by countries such as Kuwait and Oman.
Hub71 has launched the Hub71+ Digital Assets specialist ecosystem in Abu Dhabi Global Market with AED7billion of funding available to accelerate Web3 startup growth in #AbuDhabi, reinforcing the emirate’s position as a world leading tech hub. pic.twitter.com/mPfL9V1zgl
— مكتب أبوظبي الإعلامي (@admediaoffice) February 16, 2023
In stark contrast to the US, which is taking a rather heavy-handed approach to the regulatory space, Abu Dhabi is trying to make the regulation as clear as possible so that the terrain is as ripe as possible to welcome innovation.
Ahmad Ali Alwan, who is the deputy of the Hub71, has stated that:
“Disruptive businesses that drive change and transformation on a global scale.”
As a part of the initiative, Hub71 has partnered with ADGM, FAB and FABRIC, as well as a series of other large firms in the Web3 and investment space.
Countries around the world are competing for crypto investment
As a global innovation, the cryptocurrency industry is something that can positively impact countries all over the world.
As such, countries are competing to create regulatory frameworks that are fair, but at the same time can encourage innovation in their country.
The US has been facing a lot of criticism (and particularly the SEC) for some of their attitudes towards altcoins, but more specifically the lack of clarity – industry titans such as Brian Armstrong has been very vocal that their policy of litigation rather than regulation isn’t fair and isn’t conducive to growth – perhaps, in light of this recent news, more companies will move to Abu Dhabi and other such countries rather than the US.
Relevant news:
- US Regulator Clamps Down: SEC Demands Tighter Custody Rules for Cryptocurrency
- Will Bitcoin Take Down El Salvador as Crypto Bet Rekts Credit Rating?
- Charlie Munger Calls BYD his Best Investment and Takes a Swipe at Tesla
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This article was written for Business 2 Community by Jamie McNeill.
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