On Wednesday, Galaxy revealed plans to register an entity under the Abu Dhabi Global Market (ADGM), a prominent international financial center in the area. According to Mike Novogratz, the founder and CEO of Galaxy, this move is part of a broader strategy to enhance existing partnerships and broaden the company’s operational scope.

Why the Middle East?

The Galaxy Middle East Expansion is driven by the region’s rapid evolution into a crucial financial hub, hosting some of the world’s most sophisticated investors and innovators. Bouchra Darwazah, Galaxy’s managing director, emphasized the Middle East’s growing influence on their investors, clients, and portfolio companies. “We believe this office will help establish new opportunities as a leading global digital assets investment and infrastructure firm,” she added.

This expansion comes on the heels of Galaxy reporting a net income of $505 million in the third quarter of 2025, backed by $3.2 billion in equity. Since 2018, Galaxy has played a pivotal role in cryptocurrency investments, including its participation in a $1.65 billion Solana (SOLUSD) treasury fund alongside Cantor Fitzgerald, Multicoin Capital, and Jump Crypto.

Regulatory Environment in the UAE

The UAE’s regulatory climate has been favorable for crypto companies aiming to penetrate Middle East markets. Over the past year, several crypto firms, including major exchanges like Binance and Bybit, have gained regulatory approval to operate in key Middle Eastern cities such as Dubai and Abu Dhabi. Stablecoin issuers have also found success, with ADGM recently clearing Ripple’s stablecoin, Ripple USD (RLUSD), for deployment.

This week, the financial center acknowledged Tether’s USDt (USDT) as an “accepted fiat-referenced token” and granted Circle regulatory approval to operate as a financial service provider, paving the way for its USDC (USDC) stablecoin.

Future Prospects

The Galaxy Middle East Expansion is set to open up new avenues for growth and collaboration in the digital asset space. As Galaxy aligns itself with the regulatory and financial landscape of the Middle East, the company is poised to take advantage of emerging opportunities.

Overall, the Middle East’s strategic importance in the global crypto ecosystem cannot be overstated. With increasing regulatory clarity and the entry of major players, the region is becoming a nexus for crypto innovation and investment.

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On Tuesday, Circle Internet Group proudly announced its receipt of a Financial Services Permission license from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), the renowned International Financial Centre of Abu Dhabi. This development authorizes Circle to function as a Money Services Provider within the IFC, further cementing its presence in the region.

Circle Abu Dhabi: A Strategic Appointment

In conjunction with this regulatory approval, Circle has appointed Saeeda Jaffar as the managing director for Circle Middle East and Africa. Jaffar, who also serves as a senior vice president and group country manager for the Gulf Operation Council at Visa, will spearhead the strategic development and partnership endeavors for Circle in the region.

Jeremy Allaire, Circle’s co-founder, chairman, and CEO, emphasized that the regulatory framework in place sets a high standard for transparency, risk management, and consumer protection. He highlighted the importance of these standards in enabling “trusted stablecoins” to support large-scale payments and financial operations.

Regulatory Advances in Abu Dhabi

The ADGM has been proactive in granting licenses to a wave of cryptocurrency companies. Recently, Tether’s USDt, the largest stablecoin by circulation, achieved a regulatory milestone in Abu Dhabi’s international financial center. Ripple’s dollar-pegged stablecoin, Ripple USD, also received approval at the end of November.

Moreover, crypto exchange Binance was awarded three separate licenses by Abu Dhabi’s financial regulator, enabling it to operate its exchange, clearing house, and broker-dealer services. This follows Bybit’s regulatory approval in the UAE earlier in October.

UAE’s Commitment to Crypto Growth

The UAE Central Bank has been actively revising its cryptocurrency regulations, introducing new rules for decentralized finance (DeFi) and the broader Web3 industry in November. The Federal Decree Law No. 6 of 2025 now covers DeFi platforms and related services, requiring them to obtain licenses for operations involving payments, exchange, lending, custody, or investment.

Crypto lawyer Irina Heaver noted, “DeFi projects can no longer avoid regulation by claiming they are just code,” underscoring the UAE’s commitment to maintaining regulatory oversight.

Throughout 2024, the UAE solidified its position as a global crypto hub. In October 2024, cryptocurrency transfers and conversions were exempted from value-added tax, aligning with Dubai’s digital asset regulator’s stricter rules on crypto marketing. Additionally, Ras Al Khaimah Digital Assets Oasis was developing a legal framework for decentralized autonomous organizations.

Local regulators have also enforced compliance, with Dubai’s Virtual Assets Regulatory Authority taking action against seven unlicensed crypto businesses, issuing fines and cease-and-desist orders.

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These companies have disclosed the creation of an AI platform named Aion Sentia Cognitive City to manage intricate urban systems. My Aion’s AI core engine, Maia will power this platform. The goal is to efficiently manage and optimize systems spanning mobility, energy, healthcare, education, and digital services. Daniele Marinelli, My Aion’s CEO, stated that the AI will be so user-friendly that it can suggest and book the perfect anniversary dinner venue without requiring any effort from the user.

Initially, the project will be launched in Abu Dhabi and then spread across the globe. The launch is anticipated to take place in 18 months.

The project is designed under a $2.5 billion Build-Operate-Transfer (BOT) model. This model is a public-private partnership ideal for large-scale infrastructure and technology projects. Private sector entities construct the infrastructure, operate, and manage the system for a set period. They also recover their investment and earn profits during the operation phase. After an agreed-upon period, the system’s ownership and control are transferred to a public sector entity or the government.

Bold Technologies CEO Thani Al Thani Al Falasi stated that this initiative would create jobs for UAE locals and significantly contribute to the national AI ecosystem. My Aion’s Marinelli mentioned that moving to Abu Dhabi opens a new chapter for their global operations. “The UAE provides the necessary infrastructure and institutional support to scale responsibly and strategically”, said Marinelli.

Meanwhile, on May 20, Catena Labs, led by Circle co-founder Sean Neville, stated its plan to establish an AI-native financial institution. The project claimed that while AI systems can use traditional forms of payment, they “gain superpowers” when coupled with stablecoins. Also, Binance’s co-founder and former CEO Changpeng Zhao mentioned at Token2049 event in Dubai that “the currency for AI is crypto.” Zhao added that AI can leverage blockchain technology and has much more applications than just launching tokens in one click.

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