Amid the $10 trillion asset manager’s recent foray into the cryptocurrency sector, BlackRock has officially received a license to operate in the crypto-friendly Abu Dhabi. Specifically, the firm has obtained a commercial license to operate in the capital of the United Arab Emirates (UAE), according to Bloomberg.
The approval was granted Monday and reportedly reflects the asset managers expanding business interest in the region. Moreover, the report notes that the firm is also looking to gain more operational licenses, specifically for a presence in the Abu Dhabi Global Market (ADGM).
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Spot Bitcoin ETF Issuer BlackRock Gets Abu Dhabi License
At the start of the year, Bitcoin got a massive boost by becoming the first crypto-based ETF in the United States. The pursuit to get the product approved was boosted by the firms that stood behind the idea. Specifically, asset managers like BlackRock and Fidelity gave the products increased attractiveness to regulators and investors.
Now, the firm has only sought to expand its presence globally. Indeed, a key part of that for BlackRock has been its recent reception of an operating license in the crypto-friendly region of Abu Dhabi. A Bloomberg report noted that the $10 trillion asset manager obtained a commercial license.
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It is now seeking to get a license that grants access to the city’s international finance hub. Interstingly, this hub is home to cryptocurrency companies like Laser Digital and BlockDaimon. Although the report did not discuss BlackRock’s crypto interests in the UAE, the potential is still there.
BlackRock’s Middle Heast head, Charles Hatami, discussed the license with Bloomberg. Specifically, he noted that the company is focusing on private markets and artificial intelligence infrastructure. However, there is still the likelihood that the welcoming regulatory environment will drive a crypto shift.