- The United Arab Emirates is considered a prominent crypto hub and a crypto-friendly country but still, BlackRock has not stated anything related to virtual assets in the report.
- BlackRock is also responsible for issuing iShares Bitcoin Trust ETF, which eventually gives exposure to Bitcoin to investors from the United States.
- BlackRock has not provided further details about the plans for the country further on than getting a license to have its operations in the country.
An official commercial license has been issued to BlackRock, an American multinational investment company to have its operations in Abu Dhabi. Bloomberg has reported that the approval for the commercial license has been granted on November 18.
This event clearly demonstrates the interest of BlackRock in spreading its wings into this crypto-friendly country. The company has not stopped here, it also plans to get a license to operate in the Abu Dhabi Global Market (ADGM).
A prominent crypto hub
The United Arab Emirates is considered a prominent crypto hub and a crypto-friendly country but still, BlackRock has not stated anything related to virtual assets in the report. Charles Hatami, the Middle East head of BlackRock has given an interview to Bloomberg in which he mentioned that the firm will continue focusing on private markets as well as artificial intelligence infrastructure.
This step corresponds to the wider AI investments in Abu Dhabi. Microsoft has so far announced this year that it has put its $1.6 billion in an AI tech holding company named G42 which operates from Abu Dhabi. According to this company, the investment is designed to push AI development mainly in the region and then over the globe.
Later on, Microsoft also announced that it would be setting up two centers in Abu Dhabi which in some measure is its global AI expansion. One center will be dedicated to backing AI projects that will resolve major societal goals and at the same time another center will build industry standards for the sensible use of AI.
Further plans not revealed yet
However, BlackRock has not provided further details about the plans for the country further on than getting a license to have its operations in the country. The Middle East head revealed that Abu Dhabi has now become a global financial center.
He also went on to compliment the government of UAE as it was motivated as well as committed all the time. He added, “It is a planned location, dedicated government policies, and devotion to sustainable growth makes it the best place for capital markets.
BlackRock is also responsible for issuing iShares Bitcoin Trust ETF, which eventually gives exposure to Bitcoin to investors from the United States. One week ago, the spot Bitcoin ETF went over $33 billion in net assets. This has exceeded the iShares Gold Trust ETF, and by this, the investors get exposure to gold.
