Direct From Abu Dhabi Finance Week: Is MENA The Next World Crypto Hub?

99Bitcoin’s Arijit Mukherjee reports from Abu Dhabi Finance Week (ADFW) as David Cameron and Richard Teng speak, and asks is crypto MENA the next global hub?

The highly anticipated eighth edition of Fintech Abu Dhabi has returned this year, reaffirming its status as the Middle East’s biggest fintech festival. With a key focus on payments, digital assets, digital security, and credit, the event attracted global tech leaders, tech innovators, banking institutions, developers, entrepreneurs, and investors, projecting Abu Dhabi’s position as an international hub for financial innovation. 

“Fintech Abu Dhabi exemplifies our dedication to innovation, bringing global visionaries together to shape the future of finance and technology. We aim to facilitate meaningful conversations that continue to strengthen a thriving ecosystem coupled with progressive frameworks and a dynamic business environment,” said Salem Mohammed Al Darei, CEO of ADGM Authority.

“By cultivating this, we have enabled collaborations where innovation in finance and technology could flourish and reinforce Abu Dhabi’s position as a leading hub for financial innovation and technology.“

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What Trends Dominated at the ADFW Event: Crypto Hubs in Scope

Numerous sessions and high-profile forums highlighted key trends within the sector. In a packed session, Lord David Cameron, the Former Prime Minister of the UK, talked about key policies and decisions undertaken in the UK a decade ago that are still paying dividends.

A keynote address by Paul Kayrouz, Chief Fintech Officer at the Central Bank of the UAE, shed light on ‘Seeding Success: The UAE as a Global Fintech Hub,’ while the fireside chat on ‘Investing in AI: What Does the Next World Look Like?’ with H.R.H. Prince Khaled bin Alwaleed bin Talal Al Saud, Founder & CEO of KBW Ventures, explored the promise of AI as a transformative asset class and its impact on industries such as finance and health.

On stage, Richard Teng, CEO of Binance, and Jeremy Allaire, CEO of Circle Internet Financial – —the issuer of USDC, unveiled a strategic partnership on ADFW’s stage that will accelerate global USDC and crypto adoption.

“Art that sparks conversation about blockchain” at @ADFinanceWeek

An exhibition curated along two themes…

Art that leverages the blockchain as a medium

Featuring @mathcastles @crashblossom1 @0xShiroi @figure31_ @0xmons @harmvddorpel @rutgervandertas @I____felix____I pic.twitter.com/OFkh3ULuxa

— Omz (@omz_nft) December 10, 2024

Other key participants included Lily Lui – President of Solana Foundation, Konstantin Richter – CEO of Blockdaemon, Jonathan Levin, Co-founder and CSO of Chainalysis, Rebecca Rettig – Chief Legal & Policy Officer at Polygon Labs and Angela Walker – Global Head of Banking & Capital Markets at Chainlink Labs.

A panel discussion, ‘Has the Unicorn Machine Stopped Working?’ discussed the emergence of new unicorns in fintech despite challenges in the venture capital market and examined if further growth can be sustained or if consolidation is necessary. For this discussion, representatives from FJ Labs, VentureSouq, Airwallex and Financial Technology Partners took to the stage.

The ‘Building the Digital Assets Ecosystem’ panel included renowned names such as Sebastien Danloy – CBO at Euroclear Group, Nadine Chakar – Managing Director & Head of Global Digital Assets at Depository Trust & Clearing Corporation, Domenico Nardelli – Treasurer at Asian Infrastructure Investment Bank (AIIB) and Marianne Demarchi – Chief Executive EMEA at Swift.

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ADFW Sees Abu Dhabi Global Market Bid To Become New World Crypto Hub With 30 MOUs Signed

ADGM is the region’s first jurisdiction to establish a comprehensive regulatory framework for spot virtual asset activities, encompassing multilateral trading facilities, brokers, custodians, asset managers, and other intermediaries.

Also, ADGM’s DLT Framework is tailored for Blockchain Foundations, Decentralised Autonomous Organisations (DAOs), Web3 entities, and traditional Foundations, enabling them to operate and issue tokens in alignment with blockchain industry needs.

IOTA Becomes the First Fully Regulated Crypto Foundation in UAE: #UAE #IOTA #ADFW #ADFW2023 cc @IOTA @ADGlobalMarket #crypto #cryptocurrency #blockchain pic.twitter.com/aD3kP7rWFR

— Ayelet Noff (@AyeletNoff) November 29, 2023

This first-of-its-kind framework reinforces ADGM’s strategy to drive innovation in blockchain and digital assets while setting a global benchmark.

The event has witnessed over 30 Memorandums of Understanding (MOUs) signed so far, with ADGM signing major MOUs with Palo Alto Networks and Ma’an, and the IOTA Foundation has become the first fully regulated crypto foundation in the UAE.

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