Aptos Foundation Strengthens Blockchain Presence in UAE

Aptos Foundation, a leading global blockchain entity, has announced the opening of its new office in the Abu Dhabi Global Market (ADGM), reinforcing the UAE’s status as a hub for blockchain and Web3 innovation.

This strategic move aims to foster regional partnerships, accelerate blockchain adoption, and expand the Aptos ecosystem.

ADGM: A Magnet for Blockchain Leaders

The UAE has emerged as a global leader in blockchain and Web3 adoption, creating a favorable environment for innovation. Aptos Foundation’s Abu Dhabi office will act as a regional hub to collaborate with developers, institutions, and investors. This expansion underlines the foundation’s commitment to accelerating blockchain integration worldwide.

Bashar Lazaar, Head of Grants and Ecosystems at Aptos Foundation, emphasized the region’s progressive stance on Web3.

“The UAE is leaning hard into Web3, making Abu Dhabi a clear leader in blockchain worldwide. This opening provides a unique opportunity for our team to learn from and connect on the ground with cutting-edge builders, institutions, and investors pushing the boundaries every day,” Lazaar stated.

Arvind Ramamurthy, Chief Market Development Officer at ADGM, welcomed the Aptos Foundation’s entry.

“Their decision to establish their first foreign office here highlights the UAE’s leadership in fostering innovation and advancing blockchain technologies. We look forward to the contributions they will make to our vibrant community and the broader region,” Ramamurthy said.

ADGM has gained recognition for its blockchain-friendly regulatory framework, attracting major players in the industry. Along with Aptos, ADGM has attracted many blockchain leaders.

For instance, TON Foundation recently registered under ADGM’s Distributed Ledger Technology (DLT) Foundations framework, targeting MENA and APAC regions. Moreover, Steve Yun, President of the TON Foundation, described the milestone as pivotal for collaboration with regional stakeholders and fostering blockchain trust.

Similarly, Chainlink Labs established operations in ADGM, positioning itself to meet the rising demand for decentralized finance solutions in the Middle East. Polygon Labs also joined the ADGM ecosystem, focusing on transparency and international disclosure standards.

The UAE’s leadership in fostering blockchain technologies stems from forward-thinking government policies and a strong financial infrastructure. ADGM’s regulatory clarity and emphasis on innovation have also drawn entities like Tether, whose stablecoin, USDT, now serves as an accepted virtual asset in the financial ecosystem.

Due to the crypto-friendly approach, the UAE has a significant adoption rate. According to Statista, as of July 2024, there is 39.13% crypto penetration in the UAE.

With blockchain becoming central to modern finance, Aptos Foundation’s expansion into Abu Dhabi solidifies the city’s position as a leader in the global blockchain ecosystem. This move aligns with the UAE’s vision of fostering innovation and transforming the digital asset ecosystem.