If Dubai is the "Las Vegas" of the crypto world—lively, marketing-driven, and retail-focused—then Abu Dhabi is quietly becoming the "New Wall Street"—capital-driven, compliant, and institutional.

Recently, a uniform phenomenon has occurred in the global crypto market: leading stablecoin issuers and the largest exchanges have coincidentally obtained the same "pass."

December 9

• Compliance stablecoin giant Circle obtained the ADGM Financial Services License (FSP).

December 8

• The USDT issued by stablecoin leader Tether received recognition from ADGM.
• Leading exchange Binance announced it has obtained full licensing from ADGM and will launch a new "three-entity" compliance structure in 2026.

This is no coincidence. When trillion-dollar leaders collectively choose to "settle," it signifies that crypto regulation in the Middle East has upgraded from a "tax haven" to a "compliance settlement layer" for global institutional capital.

USDT Finally Has a "Name"

For a long time, although USDT has the largest market cap, it has been criticized by regulators in Europe and the U.S. for its "lack of transparency." However, in Abu Dhabi, it has gained a highly valuable identity—"Accepted Fiat Reference Token (AFRT)."

This is not just a simple license; it is a "multi-chain pass."

ADGM has clearly recognized USDT's regulated status on nine mainstream public chains, including Aptos, TON, Solana, and Near. This means that banks, funds, and institutions within the ADGM jurisdiction can legally and compliantly use on-chain USDT for settlement without worrying about legal risks. For the Web3 industry, which is eager to attract traditional capital, this is a key step in opening up the "fiat-cryptocurrency" artery.

Following closely, Circle is also not to be outdone; not only did it obtain a license, but it also appointed a former Visa executive to lead its Middle East operations, aiming to leverage Abu Dhabi's financial hub status to capture a share of the digital settlement of oil dollars.

Binance "Brings Capital to the Table"

It is reported that Binance has obtained three independent licenses at once, corresponding to trading, clearing custody, and OTC services. Starting in 2026, its local operations will be run by three independent entities:

• Nest Exchange Services Limited: responsible for platform operations such as spot and derivatives trading;
• Nest Clearing and Custody Limited: responsible for clearing and custody, serving as the central counterparty for derivatives trading;
• Nest Trading Limited: providing OTC trading, instant exchange, and some wealth management services.

Some say this is "regulatory disaggregation," but in context, it seems more like an empowerment of "top-tier configuration."

Abu Dhabi has learned from the lessons of the FTX collapse, mandating "functional separation." This not only gives Binance a compliance structure on par with Nasdaq but also has the backing of a "national team"—earlier this year, the investment company MGX, established with the participation of Abu Dhabi's sovereign fund Mubadala, had already invested in Binance.

With these three licenses, Binance has effectively established a fully functional and compliant financial infrastructure in Abu Dhabi.

Why Abu Dhabi?

Why are giants choosing Abu Dhabi?

The answer lies in the top-level design of the "dual-track system."

The UAE has a unique "federal-free zone" dual regulatory framework. The Abu Dhabi Global Market (ADGM) is a unique "independent common law jurisdiction." It is located on UAE soil but directly applies the British common law system, which is most familiar to the international financial community, and has independent courts and legislative powers.

Here, giants can enjoy a perfect balance—

• More efficient certainty than the U.S.: Although U.S. regulation is becoming friendlier, the legislative process still takes time. ADGM has already established a mature, clear, and "ready-to-use" regulatory standard, allowing businesses to avoid waiting in the game between multiple regulatory bodies (like the SEC and CFTC).
• More rigorous positioning than Dubai: The Dubai Virtual Assets Regulatory Authority (VARA) focuses on retail and marketing, while ADGM targets London and New York, specializing in institutional custody, RWA, and cross-border settlement.
• Also top-tier capital players: Don't forget that the UAE government itself is a strategic holder of crypto assets (through entities like Citadel Mining), and its sovereign fund MGX has directly invested in Binance.

Not just a regulator, but a partner. This is the ultimate attraction of Abu Dhabi for the giants.

Even more astonishing is its determination to expand. According to the latest reports from Bloomberg, due to the influx of financial institutions, there is not enough space, and Abu Dhabi is planning to invest $16 billion in a massive expansion of its financial district. This "build when there is no land" attitude reflects its ambition to create a global financial center.

Global Compliance "Capital"

While the U.S. is still entangled in "who regulates what," and Europe’s MiCA is still in the adjustment phase, Abu Dhabi has quietly completed the puzzle of infrastructure: by introducing the world's largest stablecoin issuers and exchanges, it is gradually building a complete, institutional-level digital financial operating system.

This is not just a victory for a region; it is a microcosm of the global shift of the crypto financial center to the east. For practitioners, if the opportunities of the past five years were in the code of Silicon Valley, perhaps the opportunities of the next five years will be in the office buildings of Abu Dhabi.

*This content is for reference only and does not constitute investment advice. The market has risks; investment should be cautious.

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