Securities exchange Abu Dhabi (ADX) has published the project documentation of infrastructure required for processing transactions with cryptocurrency and in-depth technology implementation of distributed registries on the territory of the Emirate. Therefore, the site intends to support initiatives of financial institutions Abu Dhabi related to innovative investment instruments.
A document outlining the position of the exchange for the supervision of the cryptocurrencies and digital assets, has been jointly developed with the Central securities Depository of the Emirate and under the leadership of the International Association of providers of securities services. ADX, the main task — to thoroughly examine the technology and to further facilitate the creation of a safe and effective working environment for issuers and potential investors.
According to local news Agency WAM, at present, the exchange deals with the study “technical and operational aspects of the release of scriptaction”. In addition, ADX hopes to create the fundamental guidelines for financial institutions to shift from traditional assets to crypto tools.
Exchange CEO Rashid al Bloushi (Rashed Al Blooshi) stressed that Abu Dhabi needed to upgrade the infrastructure of their financial markets. He added that it is necessary to extend traditional systems by clear regulations for the cryptocurrency sector. According to al Blushi, it will improve the infrastructure and prevent fragmentation of the market and increase investor confidence:
“Market infrastructure plays a key role in supporting the cryptocurrency markets, protect the interests of investors, prevent fragmentation, as well as providing financial institutions with the necessary base for the provision of advanced services related to scriptactive”.
According to al Blushi, ADX supports innovative technologies and is always looking for ways of implementation of achievements of the FINTECH industry, especially those associated with cryptocurrencies. In addition, the platform intends to optimize the structure of income of its investors and shareholders.
Despite active development of the blockchain industry in the UAE, most of it concentrated in Dubai. In June, the Office of the free economic zone Dubai airport announced the development of a commercial blockchain platform for companies operating on the territory of free economic zones of the airport.