Companies in Abu Dhabi, the United Arab Emirates, are increasingly adopting blockchain technology as local regulators are moving toward adopting comprehensive legislation on the origins of digital currencies.

Although the Abu Dhabi Global Market announced its plan to allow circulation of digital assets in 2018, the UAE capital has taken a cautious approach in implementing the applicable regulations. p>

However, Abu Dhabi Islamic Bank recently became the first Islamic bank to carry out trade finance distribution transactions.

Abu Dhabi Global Market is preparing to launch trading of digital assets during the second quarter of the current year 2020.

Abu Dhabi Islamic Bank claimed on Wednesday that it was the first Islamic institution to successfully execute trade finance distribution transactions using distributed logbook technology.

The bank has made several cross-border transactions with partner banks using Trade Asset, which is the blockchain-based digital trade finance market.

This achievement is a general result of cooperation between Trade Assets and the Abu Dhabi Islamic Bank.

The Abu Dhabi Global Market, the largest international financial center and free economic zone in Abu Dhabi, is currently scheduled to trade in organized digital assets before the third quarter of 2020.

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In 2019, the Financial Services Regulatory Authority issued preliminary approvals to several companies preparing to operate the exchange of digital assets.

During his talk to Quinn Telegraph, Leon Smith, CEO of the Decentralized Exchange - Digital Currency Exchange, which obtained initial approval from the Abu Dhabi Financial Regulatory Authority, described the Abu Dhabi market decision Global launch of cryptocurrency trading as a pioneering step for the region.

Smith said: Everyone who participates in the Abu Dhabi Global Market must be commended for their efforts in achieving this, adding: This is very much related to transforming the Abu Dhabi market into a global financial center. p>