Abu Dhabi to launch blockchain and virtual assets strategy

The goal is to build a safe, transparent ecosystem to attract companies to the emirate



by

A Staff Reporter

Published: Thu 25 Aug 2022, 3:39 PM

Last updated: Thu 25 Aug 2022, 10:02 PM

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting to discuss strategy for blockchain and virtual assets.

In the meeting held under the chairmanship of Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman Securities and Commodities Authority (SCA), the Committee emphasised the importance of regulating blockchain and virtual asset activities to comply with Anti Money Laundering/Combating 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 is established to improve Abu Dhabi’s competitiveness in blockchain and virtual asset space, coordinate efforts of entities active in the industry, liaising with regulators, and promoting compliance of industry participants with global standards and regulatory requirements, particularly AML/CFT regulations, and supporting exchange of information and best practices.

Mohamed Ali Al Shorafa
Mohamed Ali Al Shorafa

Addressing the first meeting, Mohamed Ali Al Shorafa, Chairman of ADDED and SCA, said; “The formation of Abu Dhabi’s Blockchain and Virtual Assets Committee reflects our leadership farsighted vision and approach, which enabled Abu Dhabi to nurture a supportive business environment, unparalleled connectivity and infrastructure and an entrepreneurial mindset that presents investors with growth opportunities.”

“The Committee is bringing together all the relevant stakeholders to build a robust, credible, and comprehensive regulatory and business ecosystem that addresses key risks and major governance issues, such as AML/CFT, investor protection, tech governance, and custody risk, to promote blockchain and virtual assets.”

“This will allow us to capitalise on blockchain technology and virtual assets to achieve Abu Dhabi’s aspirations, and the priority areas for this will be growth clusters including AgriTech, FinTech, Healthcare and Biopharma, Energy, Tourism, and ICT as we aim to foster businesses in these sectors to expand and accelerate”.

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