Abu Dhabi Launches Strategy for Blockchain and Virtual Assets – News
The aim is to build a safe, transparent ecosystem to attract companies to the emirate
The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting to discuss blockchain and virtual assets strategy.
In the meeting held under the chairmanship of Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman of the Securities and Commodities Authority (SCA), the committee emphasized the importance of regulating blockchain and virtual asset activities to comply with the Anti -anti-money laundering/countering the financing of terrorism (AML/CFT) International and local rules and regulations, and build an ecosystem that is safe, sound and transparent, which will help build trust and attract more companies to Abu Dhabi.
The committee has been established to enhance Abu Dhabi’s competitiveness in blockchain and virtual assets, coordinate the efforts of entities active in the industry, liaise with regulators, and promote compliance by industry participants with global standards and regulatory requirements, particularly AML/CFT regulations, and support the exchange of information and best practice.
Mohamed Ali Al Shorafa
In the first meeting, Mohamed Ali Al Shorafa, chairman of ADDED and SCA, said; “The creation of Abu Dhabi’s Blockchain and Virtual Assets Committee reflects our forward-thinking vision and approach to leadership, which enabled Abu Dhabi to nurture a supportive business environment, unparalleled connectivity and infrastructure, and an entrepreneurial mindset that provides investors with growth opportunities.”
“The committee brings together all relevant stakeholders to build a robust, credible and comprehensive regulatory and business ecosystem that addresses key risks and important governance issues, such as AML/CFT, investor protection, technical governance and custody risk, to advance blockchain and virtual assets.”
“This will allow us to capitalize on blockchain technology and virtual assets to achieve Abu Dhabi’s ambitions and the priority areas for this will be growth clusters including AgriTech, FinTech, Healthcare and Biopharma, energy, tourism and ICT as we aim to promote businesses in these sectors to expand and accelerate”.
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