Singapore, December 31, 2024 – We’re thrilled to announce that we have officially applied for a Financial Services Regulatory Authority (FSRA) license under the Abu Dhabi Global Market (ADGM) framework. This step marks our commitment to expanding into the thriving Middle Eastern market and aligning with a forward-thinking regulatory environment.
Why ADGM?
ADGM, located in the capital of the United Arab Emirates, Abu Dhabi, is renowned as a leading international financial center. Its progressive regulatory approach, combined with a focus on fostering innovation, has made it a hub for crypto and blockchain enterprises. “Applying for the ADGM license is a monumental step for Oobit. It reinforces our commitment to fostering trust and innovation in the crypto space while paving the way for seamless global adoption,” said Aharon Miller, COO of Oobit.
As part of this expansion, Oobit plans to establish a dedicated office in Abu Dhabi, further cementing our presence in this market and fostering closer collaboration with local stakeholders.
Here are some compelling reasons why ADGM is a key player in the crypto space:
- Rapid Market Growth: Currently, about 30% of the UAE population owns cryptocurrency. This makes it one of the fastest-growing markets globally.
- Forward-Looking Regulations: ADGM’s Virtual Asset Framework is one of the most comprehensive globally, providing clear guidelines for the issuance, trading, and custody of digital assets.
- Strategic Location: Abu Dhabi's geographical position and its business-friendly policies make it a gateway to the MENA (Middle East and North Africa) region, connecting markets across Asia, Africa, and Europe.
What This Means for Oobit
Our application for an ADGM license reflects our vision of creating a seamless and trusted crypto ecosystem. Here’s what it means for our users and the Oobit community:
- Strengthened Compliance: By adhering to ADGM’s robust regulatory standards, we aim to enhance trust and transparency for our global user base.
- Market Expansion: Gaining an ADGM license will allow us to offer our innovative services to a wider audience, particularly in the MENA region, where crypto adoption is rapidly accelerating.
- Innovation Hub: Operating in ADGM’s ecosystem will enable us to collaborate with like-minded fintech companies, driving further innovation in crypto payments, investments, and beyond.
The Bigger Picture
Oobit’s application for an ADGM license is not just about entering a new market—it’s about aligning with a jurisdiction that shares our vision for the future of finance. ADGM’s initiatives, such as its regulated crypto asset ecosystem and Sandbox program, underscore its role as a leader in integrating traditional finance with blockchain technology.
According to a Chainalysis report, the MENA region is the fastest-growing crypto market in the world. Between July 2023 and June 2024, it accounted for 7.5% of the world’s total transaction volume. ADGM’s regulatory environment has attracted numerous industry players, from leading exchanges to innovative blockchain startups, cementing its reputation as a crypto-friendly hub.
Shaping the Future of Stablecoins Payments
As we await the next steps in our licensing process, we remain committed to keeping our community informed about our progress. This is just one of the many steps Oobit is taking to simplify the use of cryptocurrencies in everyday transactions, thereby transforming the landscape of digital commerce.
Stay tuned for more updates as we continue to chart our path in the dynamic world of crypto. Thank you for being a part of our journey toward building a more inclusive and innovative financial future.