Abu Dhabi Launches Blockchain and Virtual Assets Strategy

by Arthur · August 26, 2022

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting, chaired by HE Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman of the Securities and Commodities Authority (SCA), to discuss strategy for blockchain and virtual assets, which aligns with Emirates’ financial 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 building an ecosystem that is safe, sound and transparent, which will contribute to build trust and attract more companies to Abu Dhabi.

The committee has been established to enhance Abu Dhabi’s competitiveness in blockchain and virtual assets, coordinate the efforts of entities active in the industry, liaise with regulators, and promote compliance by industry participants with global standards and regulatory requirements, particularly AML/CFT regulations, and support the exchange of information and best practice.

To this end, the Abu Dhabi Blockchain and Virtual Assets Committee consists of representatives of major entities and stakeholders active in this field, including Dhaher bin Dhaher Al Mheiri, CEO of the Abu Dhabi Global Market (ADGM) Registration Authority, Wai Lum Kwok, Senior Executive Director Authorization at ADGM, Mohammed Kaissi, Director of Strategic Projects at ADQ, Faisal Al Hammadi, Executive Director of Incubation at ADQ, HE Mohamed Jameel Al Ramahi, CEO of Masdar, Dr. Nikolas Meitanis, Advisor to Masdar CEO, Ibrahim Ajami , head of Ventures and Growth at Mubadala, Eng. Abdulla Al Shamsi, Director General of the Abu Dhabi Investment Office (ADIO), and HE Dr. Maryam Buti Al Suwaidi, Executive Director of the Securities and Commodities Authority (SCA).

In the first meeting, HE Mohamed Ali Al Shorafa, Chairman of ADDED and SCA, said; “The creation of Abu Dhabi’s Blockchain and Virtual Assets Committee reflects our forward-thinking vision and approach to leadership, which enabled Abu Dhabi to nurture a supportive business environment, unparalleled connectivity and infrastructure, and an entrepreneurial mindset that provides investors with growth opportunities.”

“The committee brings together all relevant stakeholders to build a robust, credible and comprehensive regulatory and business ecosystem that addresses key risks and important governance issues, such as AML/CFT, investor protection, technical governance and custody risk, to advance blockchain and virtual assets.”

“This will allow us to capitalize on blockchain technology and virtual assets to achieve Abu Dhabi’s ambitions and the priority areas for this will be growth clusters including AgriTech, FinTech, Healthcare and Biopharma, energy, tourism and ICT as we aim to promote businesses in these sectors to expand and accelerate”.

Source: Government of Abu Dhabi