The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting, under the chairmanship of HE Mohamed Ali Al Shorafa, President of the Abu Dhabi Department of Economic Development (ADDED) and Chairman of the Securities and Commodities Authority (SCA), to discuss the strategy for blockchain and virtual assets, which is aligned with the Emirates’ economic strategy.
The Committee underscored the importance of regulating blockchain and virtual asset activities to comply with international and local anti-money laundering and anti-terrorist financing (AML/CFT) rules and regulations, and build a safe, strong and transparent ecosystem, which will help build trust and attract more businesses to Abu Dhabi.
The committee is established to enhance Abu Dhabi’s competitiveness in the blockchain and virtual asset space, coordinate the efforts of entities active in the industry, liaise with regulators, and promote compliance by industry players with global standards and regulatory requirements, in particular AML/CFT regulations, and supporting exchange of information and best practices.
To this end, the Abu Dhabi Blockchain and Virtual Assets Committee is made up of representatives of the main entities and stakeholders active in this field, including Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority of the Abu Dhabi Global Market (ADGM), Wai Lum Kwok, Senior Executive Director Authorization at ADGM, Mohammed Kaissi, Director of Strategic Projects at ADQ, Faisal Al Hammadi, Executive Director Incubation at ADQ, HE Mohamed Jameel Al Ramahi, CEO of Masdar , Dr. Nikolas Meitanis, Advisor at Masdar CEO Office, Ibrahim Ajami, Head of Business and Growth at Mubadala, Eng. Abdulla Al Shamsi, Managing Director of Abu Dhabi Investment Office (ADIO), and HE Dr. Maryam Buti Al Suwaidi, CEO of Securities and Commodities Authority (SCA).
Addressing the first meeting, HE Mohamed Ali Al Shorafa, President of ADDED and SCA said; “The formation of the Abu Dhabi Blockchain and Virtual Assets Committee reflects our far-sighted leadership vision and approach, which has enabled Abu Dhabi to foster a favorable business environment, unparalleled connectivity and infrastructure, and an entrepreneurial spirit 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 governance issues, such as AML/CFT, investor protection, technology governance and custody risk, in order to promote blockchain and virtual assets.
“This will enable us to capitalize on blockchain technology and virtual assets to achieve Abu Dhabi’s aspirations, and priority areas for this will be growth clusters including AgriTech, FinTech, Health and Biopharma, Energy, Tourism and ICT, as we aim to foster businesses in these sectors to grow and accelerate.”
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