Venom Foundation has been licensed by ADGM to build an infinitely scalable blockchain platform within the MENA region.
Venom Foundation Gets the Sought-After ADGM License
The Venom Foundation, a blockchain network focused on the Middle East and North Africa, has risen above all odds to clinch the ADGM license. This announcement was made earlier today, October 10, 2022 in a press release issued by the ADGM.
The MENA region is the hub for transactional management, maximum cybersecurity, and an inbound governmental database. In short, the ADGM is known as a Fintech oasis for investors and financial service firms around the globe.
The license allows Venom Foundation to be the first crypto project to operate a blockchain and receive utility tokens in the MENA region. The Abu Dhabi Global Market (ADGM) is an international finance center and free zone located on Al Maryah Island in the UAE’s capital, Abu Dhabi.
With this license, individual developers, companies, and government authorities who are interested in adopting blockchain will be able to engage the Venom Foundation to establish new products such as the NFT marketplace, Derivative exchange, Fiat-backed stable coin, and a host of other products with the potential to become a bridge towards wide adoption of CBDC in the UAE and other MENA countries.
Core Competence
The Venom Foundation has launched a couple of platforms that are in sync with its main priority: to develop and support a self-sufficient blockchain ecosystem. The non-custodial Wallet (VenomWallet mobile application and Desktop Browser Extension), VenomScan, would help keep everything transparent with access to transactions history, VenomBridge, VenomPools, VenomGet, and Web3.World, the network’s native decentralized exchange, have been launched on the network.
Individual developers, companies, and government authorities will be able to engage Venom Foundation to establish new products such as the NFT marketplace, Derivative Exchange, fiat-backed stablecoin, and many others to come, with the potential to become a bridge-toward wide adoption of CBDC in the UAE, other MENA countries, and global adoption in the future.
The ADGM license is part of the UAE’s attempt to advance crypto adoption and become the crypto hub of the world. Subject to the relevant regulatory approvals, the Venom Foundation will work with ecosystem participants to ensure that such products are offered in a compliant manner within the trusted and well-regulated environment of ADGM.
Other crypto-related projects like Binance and Kraken have also received licenses to operate as crypto exchanges in the UAE.
ADMG Is Part of the UAE’s Moves To Become the Global Crypto Hub
There has been an influx of cryptocurrency businesses to the UAE, and this is no surprise, considering the region’s friendly regulatory policies compared to other jurisdictions.
The ADGM license is part of the UAE’s attempt to advance crypto adoption and become the crypto hub of the world. Back in March, Dubai created a virtual assets law and also formed a licensing and compliance agency, the Virtual Asset Regulatory Authority (VARA).
Other crypto-related projects, like Binance and Kraken, have also received licenses to operate as crypto exchanges in the UAE.
Source: https://crypto.news/venom-foundation-is-the-first-crypto-project-to-obtain-adgm-license/