Renowned asset manager, BlackRock has secured a commercial license to operate in the capital city of the United Arab Emirates, Abu Dhabi. According to a Bloomberg report, the regulatory approval underlines the recent effort of the investment firm to expand into regions with friendly crypto regulation.
Recently, BlackRock revealed that it will focus on artificial intelligence and private markets to further consolidate its market dominance. As a result of the focus, the spot Bitcoin exchange-traded fund (ETF) issuer is also aiming to secure approval to operate in the Abu Dhabi Global Market (ADGM).
As revealed, the ADGM is a global financial hub in the capital city of UAE, with top cryptocurrency firms like Blockdaemon, M2, and Laser Digital.
How the Investment Manager Will Focus on AI and Private Market
Meanwhile, there are no indications that the BTC ETF issuer would provide virtual assets services in the region. Instead, the Middle East Head of BlackRock, Charles Hatami in a statement to Bloomberg explained that the firm will concentrate on private markets and AI infrastructure.
Hatami discussed how Abu Dhabi has emerged as a global financial center that has attracted investors. Similarly, Hatami heaped praises on the government of UAE, describing how the administration has maintained a committed and proactive oversight.
The executive portrayed the United Arab Emirates as a strategic location, while he cited that the support of the government made it an ideal hub for capital markets.
Side Note on BlackRock
As the issuer of the iShares Bitcoin ETF, BlackRock has earned recognition for creating a pathway for traditional investors to gain exposure to BTC. The expansion to the UAE surfaced shortly after BlackRock’s spot Bitcoin ETF soared beyond $33 billion in net assets, which makes it larger than its iShares Gold ETF.
Recall that on November 7, 2024, BlackRock recorded an inflow of $1 billion to its BTC ETF, highlighting the growing confidence of investors in virtual assets-related investment opportunities. Data provided by Farside revealed that BlackRock’s Bitcoin ETC recorded an inflow of $1.1 billion in a day, surpassing its all-time high daily inflow for the first time since the launching of the investment instrument in January.
Likewise, the landmark inflow recorded by BlackRock coincides with the price of BTC surpassing $76,943 for the first time. Presently, the price of BTC is on a price rally that has pushed the value of the premier cryptocurrency to $91,758.
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