Bitcoin ETF

BlackRock

BlackRock, the multinational investment firm and spot Bitcoin exchange-traded fund (ETF) issuer, received a commercial license to operate in Abu Dhabi, the capital of the United Arab Emirates.
According to Bloomberg, the approval <a data-ct-non-breakable="null" href="https://www.bloomberg.com/news/articles/2024-11-18/uae-saudi-arabia-blackrock-gets-abu-dhabi-license-weeks-after-nod-for-saudi-hq" rel="nofollow noopener" target="_blank" text="null" title="https://www.bloomberg.com/news/articles/2024-11-18/uae-saudi-arabia-blackrock-gets-abu-dhabi-license-weeks-after-nod-for-saudi-hq">granted</a> on Nov. 18 reflects BlackRock’s interest in expanding in the crypto-friendly region.&nbsp;
The company is also seeking a license to operate in the Abu Dhabi Global Market (ADGM), an international financial hub in Abu Dhabi, home to crypto companies like <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blockdaemon-uae-abu-dhabi-expansion" rel="null" target="null" text="null" title="null">Blockdaemon</a>, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/abu-dhabi-gives-virtual-asset-firm-m2-permission-to-offer-crypto-services" rel="null" target="null" text="null" title="null">M2</a> and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nomura-crypto-laser-digital-abu-dhabi-license" rel="null" target="null" text="null" title="null">Laser Digital</a>.<iframe width="100%" height="315" src="https://www.youtube.com/embed/2soNoeG6wC8" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
<h2 id="blackrock-to-focus-on-ai-infrastructure-in-abu-dhabi">BlackRock to focus on AI infrastructure in Abu Dhabi</h2>
Despite the UAE being a popular crypto hub, the report did not mention digital assets. BlackRock’s Middle East head, Charles Hatami, said in a statement to Bloomberg that the company will focus on private markets and artificial intelligence infrastructure.&nbsp;&nbsp;
The move aligns with broader AI investments in Abu Dhabi. On April 16, Microsoft announced that it had <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microsoft-5-b-uae-ai-company-global-expansion" rel="null" target="null" text="null" title="null">invested $1.6 billion</a> in an Abu Dhabi-based AI tech holding company called G42. The technology conglomerate said that the investment aims to push AI development in the region and globally.&nbsp;
On Sept. 17, Microsoft also announced that it would be <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microsoft-ai-centers-abu-dhabi-expansion" rel="null" target="null" text="null" title="null">establishing two AI centers in Abu Dhabi</a> as part of its global AI expansion. One center would support AI projects to solve “key societal goals,” while the other would develop industry standards for responsible AI use.&nbsp;
BlackRock has yet to provide further details on its plans for the UAE beyond obtaining a license to operate in the region.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrock-clocks-1-billion-bitcoin-etf-inflows-btc-price-new-highs" rel="null" target="null" text="null" title="null">BTC investors pour $1.1B into BlackRock ETF as Bitcoin marks another high</a>
<h2 id="crypto-friendly-investment-fund-lays-roots-in-a-digital-asset-hub">Crypto-friendly investment fund lays roots in a digital asset hub</h2>
Hatami said Abu Dhabi has become a “global financial center.” He also praised the region’s government for being proactive and committed. The executive stated:&nbsp;
<blockquote>
 “Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”
</blockquote>
BlackRock issues the iShares Bitcoin Trust ETF, which gives United States-based investors exposure to Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>). On Nov. 8, the spot Bitcoin ETF <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrock-bitcoin-etf-flips-gold-fund" rel="null" target="null" text="null" title="null">surpassed $33 billion in net assets</a>, exceeding its iShares Gold Trust ETF, which gives investors exposure to gold.&nbsp;
The UAE continues to establish itself as a leader in digital finance. On Aug. 30, the country <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/singapore-hong-kong-uae-leads-global-crypto-adoption" rel="null" target="null" text="null" title="null">ranked third in a crypto adoption</a> index released by Henley &amp; Partners, an investment migration consultancy firm.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/web3-crypto-gaming-tokens-chiliz-farm-tap-review-web3-gamer/" rel="null" target="null" text="null" title="null">Will gaming token ‘enthusiasm’ return this crypto bull run? Web3 Gamer</a>

BlackRock receives license to operate in Abu Dhabi

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