Just came across a piece of news: a major exchange has just made another key move—it has obtained a full license from Abu Dhabi Global Market (ADGM). What’s even more crucial is that starting from 2026, it plans to gradually shift its global operations under three licensed entities. This approach is kind of like putting eggs in different baskets, but with the catch that every basket needs to have an official certification label.

In recent years, the exchange has been actively seeking regulatory footholds around the world, and it has now secured the Middle East. ADGM has a decent reputation in the international regulatory system—especially for institutional funds, having a license helps to alleviate a lot of concerns.

The three entities will operate separately. On the surface, it’s about risk isolation, but in reality, it’s more like tailoring regulatory solutions for different business lines—spot, derivatives, and custody will each have their own track. The structure is definitely more solid now, but the complexity has also increased.

For regular users? In the short term, you can keep using the platform as usual, as stated clearly in the announcement. But in the long run, compliance costs are there, so will trading fees quietly go up? Will yields on financial products shrink? These are things to keep an eye on.

The next focus may be Europe. After securing the Middle East hub, the MiCA framework in Europe is likely the next target. After all, the market size is significant there, and the regulatory framework has just taken shape—it’s good timing.

To be honest, this is a turning point—shifting from rapid expansion to more refined operations. It’s a positive sign for the industry, signaling accelerated mainstream adoption; for retail users, it means greater security for funds, but the days of ultra-low fees and new coin listings popping up like at a marketplace are probably gone for good.

The above is just my personal observation. For specific information, please refer to the official announcement.