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Abu Dhabi approves commercial use of USDT
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The Abu Dhabi Financial Services Regulatory Authority (FSRA) has registered the Tether (USDT) as an Accepted Virtual Asset (AVA) on the Abu Dhabi Global Market (ADGM). From now on, authorized entities operating under FSRA regulation can offer USDT-related services.
From now on, all entities Authorized companies operating under FSRA regulation will be able to offer USDT-related services. They can trade, store and facilitate transactions with this digital asset, expanding the options available to consumers and investors.
Common market value exceeding US$138 billion, USDT is the stablecoin with the greatest usability worldwideaccessed by more than 400 million users globally. Now, with the insertion of stablecoin into its economic system, the UAE intends to integrate traditional financial systems with new digital economies.
Tether USDT joins other stablecoins that are licensed for operation in the country, such as USD Coin (USDC) and Binance USD (BUSD). The cryptocurrencies Ethereum, Litcoin, Toncoin and Ripple They are also accepted by companies that are part of the country’s digitalization program.
Tether Shares
Paolo Ardoino highlighted that the UAE’s initiatives regarding the regulation of virtual assets can serve as an example for other countries in the world. She further commented on the importance of this approval:
In August, Tether had announced plans to launch a stablecoin pegged to the dirham, the currency of the UAE. If the idea is confirmed, the new stablecoin could facilitate even more transactions and investments. Furthermore, it could attract a growing number of users and investors to the local financial ecosystem.
The announcement is in line with the UAE’s recent initiatives in the field of cryptocurrencies. UAE authorities such as the FSRA and the Dubai Financial Services Authority (DFSA) have been working to create a favorable and stimulating regulatory environment for the cryptocurrency market. Among these initiatives, the UAE Central Bank’s 2021 Aber Project stands out, whichaims to migrate 50% of government transactions to blockchain.
According to a report by Chainalysis, the UAE is among the fastest growing countries in terms of cryptocurrency transaction volume. A comparison between the periods from July 2022 to June 2023 and from July 2023 to June 2024 shows that the amount received by Decentralized exchanges (DEXs) in the UAE jumped from $5 billion to around $10 billion.
Abu Dhabi approves commercial use of USDT
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Abu Dhabi approves commercial use of USDT
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Abu Dhabi approves commercial use of USDT
