- Abu Dhabi has announced the creation of a government organization to discuss its plan for regulating and developing the virtual asset market.
- The committee’s main focus will be on developing a framework for the regulation of virtual and blockchain assets that comply with anti-money laundering.
- The group will also be tasked with boosting Abu Dhabi’s competitiveness in the blockchain and virtual asset sectors, fostering information sharing, and defining industry standards for participants.
A blockchain and virtual assets strategy that is in line with the economic policy of the Emirates was discussed at the first meeting of the Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC).
The committee, led by Mohamed Ali Al Shorafa, Chairman of the Securities and Commodities Authority (SCA) and Chairman of the Abu Dhabi Department of Economic Development (ADDED), aims to increase Abu Dhabi’s competitiveness in the blockchain as well as virtual asset space to keep up with international markets.
The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) has outlined its strategy to enable a safe, secure and transparent digital ecosystem #inAbuDhabi, in compliance with global monetary best practices. pic.twitter.com/WXnsJtfFJN— مكتب أبوظبي الإعلامي (@admediaoffice) August 25, 2022
Building a secure, open, and reliable environment while adhering to national and international Anti-Money Laundering/Combating the Financing of Terrorism (AML/CT) norms and regulations would help to establish trust and draw businesses to the city.
Through this initiative, firms in the AgriTech, FinTech, Healthcare & Biopharma, Energy, Tourism, and ICT sectors will see expansion and acceleration. This will enable them to capitalize on blockchain technology and virtual assets with growth.
The Abu Dhabi Global Market (ADGM) Registration Authority CEO, Dhaher bin Dhaher Al Mheiri, Wai Lum Kwok, Senior Executive Director Authorization at ADGM, Mohammed Kaissi, Executive Director Incubation at ADQ, Faisal Al Hammadi, CEO of Masdar, Dr. Nikolas Meitanis, Advisor at Masdar CEO Office, and Mohamed Jameel Al Ramahi, CEO, were among the members of the committee (SCA).
Nations are working on accepting, regulating, and developing using blockchain and virtual assets due to their phenomenally rapid global growth. The asset strategy of Abu Dhabi is an illustration of these initiatives.