Businesses in Abu Dhabi, the capital of the United Arab Emirates', or UAE, are increasingly embracing blockchain engineering as local regulators motility towards adopting inclusive legislation regarding crypto assets.

Though Abu Dhabi Global Market, or ADGM, announced its plan to let crypto asset trading in 2022, the UAE capital has taken a cautious arroyo to rolling out permissive regulations.

Nevertheless, Abu Dhabi Islamic Bank, or ADIB, recently became the get-go Islamic bank to execute trade finance distribution transactions, and the ADGM is readying to launch crypto nugget trading in Q2 2022.

ADIB executes blockchain-based trade finance distribution

On Apr 15, ADIB claimed to be the start Islamic institution to successfully execute trade finance distribution transactions using distributed ledger technology, or DLT.

ADIB conducted multiple cross-border transactions with partner banks using TradeAssets, a blockchain-based digital trade finance marketplace. The milestone is the production of a year of collaboration between TradeAssets and ADIB.

Haytham Elmaayergi, ADIB'due south global head of transaction banking, stated: "ADIB is committed to expanding its digital footprint in trade financing and distribution, enhancing the efficiency and productivity of businesses beyond the region and globally."

Abu Dhabi Global Market to launch crypto trading by July

ADGM, Abu Dhabi'southward acme international finance center and gratis economic zone, is currently slated to launch regulated digital asset trading before Q3 2022.

In 2022, the Financial Services Regulatory Potency issued in-principle approvals to several companies preparing to operate crypto asset exchanges.

Speaking to Cointelegraph, Leon Smith, the principal executive of DEX — a crypto exchange that received in-principle approving from Abu Dhabi'south financial regulator, described the ADGM's decision to launch regulated crypto trading as "a basis-breaking step for the region."

"Everyone involved at ADGM is to exist applauded for their efforts in making this happen," he stated, adding: "This is very much about transforming ADGM into a global fiscal hub and part of the wider Abu Dhabi narrative."