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Abu Dhabi announces plans to launch a blockchain and virtual asset strategy aligned with the emirate’s overall economic strategy, Abu Dhabi blockchain and virtual assets committee said Thursday.
The committee held its first meeting, led by Mohamed Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development and the Securities and Commodities Authority, to discuss the strategy.
“The establishment of the Abu Dhabi Blockchain and Virtual Assets Council reflects the vision and approach of our leadership, which enables Abu Dhabi to foster a supportive business environment, unparalleled connectivity and infrastructure, and growth for investors The entrepreneurial mindset of opportunity,” said Mr Al Shorafa.
The Abu Dhabi Media Office said the committee aims to enhance Abu Dhabi’s competitiveness in the blockchain and virtual asset space and to coordinate the efforts of entities active in the industry.
It will also liaise with regulators to facilitate compliance by industry players with global standards and regulatory requirements, “especially AML/CFT [anti-money laundering/combating the financing of terrorism] regulations, and to support the exchange of information and best practices”.
Strategy development includes representatives of key entities and stakeholders in the field, including Dhaher Al Mheiri, CEO, Abu Dhabi Global Markets Registry, Wai Lum Kwok, empowered by Senior Executive Director ADGMMohamed Kaissi, ADQ Strategic Project Director; Faisal Al Hammadi, ADQ Incubation Executive Director;
It also includes Nicholas Meitanis, Advisor to the Office of the Chief Executive Officer of Masdar, Ibrahim Ajami, Head of Venture Capital and Growth at Mubadala, Abdulla Al Shamsi, Director of the Abu Dhabi Investment Office, and Maryam Buti Al Suwaidi, Chief Executive Officer of Securities and Commodities Corporation.
During its first meeting, the committee emphasized the importance of regulating blockchain and virtual asset activity to comply with AML/CFT, international and local regulations and to build a safe, robust and transparent ecosystem that will help build trust and Attract more companies to Abu Dhabi.
“The committee is convening all relevant stakeholders to build a strong, credible and comprehensive regulatory and business ecosystem that addresses key risks and key governance issues such as AML/CFT, investor protection, technology governance and custody risks, to Promote blockchain and virtual assets,” said Mr Al Shorafa.
“This will allow us to leverage blockchain technology and virtual assets to achieve Abu Dhabi’s aspirations, and priority areas in this regard will be growth clusters including agritech, fintech, healthcare and biopharma, energy, tourism and ICT, as we aim to expand and accelerate in these areas.”
The UAE government has taken concrete steps to build a strong digital economy and take advantage of the benefits of digital transformation.
The UAE has been at the forefront of recognizing the need for a regulatory framework for blockchain and virtual asset development.
In March, Dubai passed the country’s first law of its kind virtual assets and set Dubai Virtual Assets Authority Regulates industries across the emirate, including Special Development Zones and Free Zones, excluding DIFC.
In 2018, the Financial Services Regulatory Authority, the regulator of Abu Dhabi Global Markets, launched a comprehensive Virtual Asset Framework Virtual asset trading for businesses, including multilateral trading facilities, custodians and brokers.
These regulations are continually being refined to reduce risk and make ADGM an attractive space for local, regional and international companies.
Updated: August 25, 2022 9:57am
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