The Abu Dhabi region is rapidly becoming as a major hub for cryptocurrencies, and more and more Web3 enterprises and bitcoin service providers are making their way there.

The ADGM gave its in-principle approval for regulated digital asset activities to the cryptocurrency options trading platform QCP Capital at the beginning of May. QCP is now the first cryptocurrency market maker and broker in the area to obtain a provisional license, having its headquarters in Singapore.

On May 8, prominent onchain security company Chainalysis also established a regional office in Dubai. Prior to this, the company had been "actively engaging" with government stakeholders in the area, providing guidance on best practices for the kind of legislative developments in the crypto business that foster innovation.

Binance, the biggest cryptocurrency exchange globally in terms of volume, obtained a Virtual Asset Service Provider license in Dubai in April following co-founder Changpeng Zhao's resignation as a voting member of the exchange's local entity.

To promote the advancement of distributed ledger technology, ADGM, and the Solana Foundation inked a memorandum of agreement in February.