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Abu Dhabi has announced the formation of a government agency to develop its strategy for regulating and promoting the world of virtual assets.
The Abu Dhabi Blockchain and Virtual Assets Council (ADBVAC) held its first meeting in late August, chaired by Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development and Chairman of the Securities and Commodities Authority (SCA).
According to a statement, the committee will focus on creating a regulatory framework for virtual and blockchain assets that comply with anti-money laundering and counter-terrorism financing rules, and help build “a secure, robust and transparent ecosystem.”
ADBVAC will also be responsible for making Abu Dhabi more competitive in the blockchain and virtual asset space, supporting information exchange and establishing best practices for participants.
It will be comprised of executives from Abu Dhabi Global Markets, SCA, national wealth funds ADQ and Mubadala, Abu Dhabi Investment Office and professional services firm Mazars.
“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 Al Shorafa.
The launch of ADBVAC comes five months after the establishment of the Dubai Virtual Assets Authority.
This also comes six months after the UAE was placed on a watch list by the Financial Action Task Force (FATF) for money laundering concerns.
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