[ad_1]
The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting, led by Mohammad Ali Al-Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman of the Securities and Commodities Authority (SCA). HE Mohamed Ali Al Shorafa) to discuss the blockchain and virtual asset strategy, in line with the UAE economic strategy.
The Commission highlighted the importance of regulating blockchain and virtual asset activities to comply with international and local anti-money laundering/countering the financing of terrorism (AML/CFT) regulations and to build a secure, robust and transparent ecosystem that will help Build trust and attract more companies to Abu Dhabi.
The committee was established to enhance Abu Dhabi’s competitiveness in the blockchain and virtual asset sector, to coordinate the efforts of entities active in the industry, to maintain liaison with regulators, to facilitate industry players’ compliance with global standards and regulatory requirements, in particular Is AML/CFT compliant and supports the exchange of information and best practices.
The Abu Dhabi Blockchain and Virtual Assets Council is made up of representatives of key entities and stakeholders active in the space, including Dhaher bin Dhaher Al Mheiri, CEO, Registry, Abu Dhabi Global Market (ADGM); Mohammed, ADGM Licensing Director Kaissi, Director of Strategic Programs, ADQ Faisal Al Hammadi, Executive Director, ADQ Incubation; Nicholas Meitanis, Advisor, Masdar Chief Executive Office; Abdulla Al Shamsi, Director General, Abu Dhabi Investment Office (ADIO) and HE Dr. Securities and Commodities Authority (SCA) ) CEO Maryam Buti Al Suwaidi.
ADDED and SCA Chairman HE Mohamed Ali Al Shorafa said at the first meeting; “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 supportive business environment, unparalleled connectivity and infrastructure, and an entrepreneurial mindset that offers investors growth opportunities.”
“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.”
“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 nurture businesses to expand and accelerate in these areas”.
Source: Government of Abu Dhabi
Newsletter Signup
And receive exclusive articles on the securities market
[ad_2]
Source link