Abu Dhabi to launch blockchain and virtual assets strategy

By Arya M Nair, Intern Reporter
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The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) has held its first meeting with Abu Dhabi Department of Economic Development (ADDED) and Securities and Commodities Authority (SCA), to discuss strategy for blockchain and virtual assets, which is aligned with the Emirates economic strategy.

The Committee emphasized 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 to build an ecosystem that is safe, sound, and transparent, which will help build trust and attract more companies to Abu Dhabi.

It is established to improve Abu Dhabi’s competitiveness in blockchain and virtual asset space, coordinate efforts of entities active in the industry, liaise with regulators, and promote compliance of industry participants with global standards and regulatory requirements, particularly AML/CFT regulations, and supporting the exchange of information and best practices.

Mohammed Ali Al Shorafa
Mohammed Ali Al Shorafa
Chairman – ADDED & SCA

“The formation of ADBVAC 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 This will allow us to capitalize 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.”

ABDVAC is comprised of representatives of major entities and stakeholders active in this field including Mr. Dhaher bin Dhaher Al Mheiri, CEO of Abu Dhabi Global Market (ADGM) Registration Authority, Mr. Wai Lum Kwok, Senior Executive Director Authorization at ADGM.

The Committee also includes Mr. Mohammed Kaissi, Director of Strategic Projects at ADQ, Mr. Faisal Al Hammadi, Executive Director Incubation at ADQ, H.E. Mohamed Jameel Al Ramahi , CEO of Masdar, Dr. Nikolas Meitanis, Advisor at Masdar CEO Office,  Mr. Ibrahim Ajami, Head of Ventures and Growth at Mubadala, Eng. Abdulla Al Shamsi, Director General of Abu Dhabi Investment Office (ADIO), and  H.E. Dr. Maryam Buti Al Suwaidi, CEO of Securities and Commodities Authority (SCA).

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