Oobit, a crypto payments and trading application announced that it has applied for a license in UAE with the Financial Services Regulatory Authority (FSRA) license under the Abu Dhabi Global Market (ADGM) framework.

As per the blog post, this step marks their commitment to expanding into the thriving Middle Eastern market and aligning with a forward-thinking regulatory environment.

“Applying for the ADGM license is a monumental step for Oobit. It reinforces our commitment to fostering trust and innovation in the crypto space while paving the way for seamless global adoption,” said Aharon Miller, COO of Oobit.

As part of this expansion, Oobit plans to establish a dedicated office in Abu Dhabi, further cementing our presence in this market and fostering closer collaboration with local stakeholders.

Oobit decided to apply for a license in the UAE given that 30% of the UAE population owns crypto. In addition the UAE, and ADGM have created forward looking regulations for virtual assets. In addition, the geographic position of UAE opens markets in MENA and Asia.

The company intends to utilize the license for crypto and stablecoin payments.