Mena-based crypto network Venom Foundation has secured a licence from the Abu Dhabi Global Market (ADGM) to operate a blockchain and issue utility tokens.
The move makes it the first crypto foundation to be issued such a licence, according to Venom.
“Nowadays, Mena region entrepreneurs are considered the pioneers of the global crypto trends adoption, thus there is a vital need for companies to think of decentralised globalization of the data flows for businesses as well as governmental and social projects,” stated Venom.
Abu Dhabi has sought to promote itself as a regional hub for digital assets.
In August, it formed the Abu Dhabi Blockchain and Virtual Assets Committee with the aim of furthering its strategy for developing and regulating digital assets.
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