The United Arab Emirates (UAE) capital, Abu Dhabi, has granted crypto investment firm BlackRock the green card to establish regional settlements. As expected, the Abu Dhabi digital assets regulatory body approved BlackRock's license on November 18 after satisfactorily passing rigorous regulatory rites and scrutiny.
Speaking on the motive behind its expansion into the UAE capital, BlackRock’s Middle East head, Charles Hatami, noted that the region's crypto-friendly regulatory framework was a significant contributing factor. "Its strategic location, proactive government policies, and commitment to sustainable growth make it ideal for capital markets," the Middle East head added.
BlackRock Chooses AI Infrastructure Ahead Of Digital Currencies
Contrary to the conventional crypto-related provisions offered by other digital assets firms operating in the UAE, BlackRock opted to delve into an intriguing dimension. The company channeled its resources into empowering the incorporation of Artificial Intelligence (AI) into the financial market. BlackRock also disclosed its commitment to projecting and supporting upcoming private business enterprises.
With the above initiatives, BlackRock aims to strengthen its reach in the Middle East. Considering Abu Dhabi’s position as a leading financial hub, the investment firm hopes to obtain an operational permit from the Abu Dhabi Global Market (ADGM). ADGM’s endorsement implies that BlackRock will join top crypto outlets like Blockdaemon, Laser Digital, and M2 in the ever-bubbling market.
Abu Dhabi’s AI Investment Soars
On April 16, Microsoft announced it had invested approximately $1.6 billion in G42, an AI firm domiciled in the UAE capital. The massive funding aims to accelerate AI advancement globally and locally.
Aside from the significant contribution above, Microsoft has paid close attention to the region's crypto community complaints. Consequently, it planned on erecting two standard AI institutes that would focus on improving the digital ecosystem and ensuring the accomplishment of significant societal goals.
It remains to see how events unfold. However, considering the prevailing atmosphere in Abu Dhabi, BlackRock's initiative boasts significant successful outcome chances.
