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Abu Dhabi is the capital of the United Arab Emirates and the second largest city among the seven emirates.
what happened: As of late August, the Abu Dhabi Blockchain and Virtual Assets Council (ADBVAC) Muhammad Ali al-ShorafaChairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman of the Securities and Commodities Authority (SCA).
The committee discussed the importance of regulating blockchain and virtual assets to comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).
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Al Shorafa said: “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 escrow risk, promote blockchain and virtual assets. “
According to Finextra, the establishment of the Abu Dhabi Blockchain and Virtual Assets Council comes five months after the establishment of the Dubai Virtual Assets Authority and six months after the United Arab Emirates was placed on a watch list by the Financial Action Task Force (FATF). ) on money laundering.
In May 2022, the Abu Dhabi Criminal Court convicted an organized crime group of 79 people, mostly Chinese nationals, of money laundering and fined up to $10 million and sentenced to 15 years in prison, Gulf Business reported. .
Essentially, the focus of the committee is to create a regulatory framework around transparency and security to better promote blockchain and virtual assets.
Bitcoin price trend: bitcoin Bitcoin/USD It was trading at $20,026 on Sunday, down 6.69% over the past seven days.
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