Below the chairmanship of Mohamed Ali Al Shorafa, head of the Securities and Commodities Authority (SCA) and the Abu Dhabi Division of Financial Improvement (ADDED), the Abu Dhabi Blockchain and Digital Property Committee (ADBVAC) held its inaugural assembly to debate a method for blockchain and digital property.
The committee emphasised the importance of regulating blockchain and digital asset operations to stick to anti cash laundering/combatting the financing of terrorism (AML/CFT) with worldwide and native norms and rules and create an setting that’s secure, sound, and clear, which might assist foster confidence and draw extra companies to Abu Dhabi.
The committee was created to extend Abu Dhabi’s competitiveness within the blockchain and digital asset area, coordinate the efforts of entities concerned, talk with regulators, and promote trade contributors’ compliance with worldwide requirements and regulatory necessities, notably AML/CFT rules, whereas additionally fostering info sharing and finest practices.
The Abu Dhabi Blockchain and Digital Property Committee (ADBVAC) has outlined its technique to allow a secure, safe and clear digital ecosystem #inAbuDhabi, in compliance with world financial finest practices. pic.twitter.com/WXnsJtfFJN
— مكتب أبوظبي الإعلامي (@admediaoffice) August 25, 2022
To this finish, the ADBVAC is comprised of representatives of main entities and stakeholders energetic on this subject together with Dhaher bin Dhaher Al Mheiri, CEO of Abu Dhabi World Market (ADGM) Registration Authority, Wai Lum Kwok, senior govt director Authorisation at ADGM, Mohammed Kaissi, director of Strategic Tasks at ADQ, Faisal Al Hammadi, govt director Incubation at ADQ, Mohamed Jameel Al Ramahi , CEO of Masdar, Dr Nikolas Meitanis , advisor at Masdar CEO Workplace, Ibrahim Ajami, head of Ventures and Development at Mubadala, Abdulla Al Shamsi, director–common of Abu Dhabi Funding Workplace (ADIO), and Dr Maryam Buti Al Suwaidi, CEO of Securities and Commodities Authority (SCA).
Addressing the primary assembly, Al Shorafa stated: “The formation of Abu Dhabi’s Blockchain and Digital Property Committee displays our management farsighted imaginative and prescient and strategy, which enabled Abu Dhabi to nurture a supportive enterprise setting, unparalleled connectivity and infrastructure and an entrepreneurial mindset that presents buyers with progress alternatives.”
“The committee is bringing collectively all of the related stakeholders to construct a strong, credible, and complete regulatory and enterprise ecosystem that addresses key dangers and main governance points, equivalent to AML/CFT, investor safety, tech governance, and custody threat, to advertise blockchain and digital property.”
“This may permit us to capitalise on blockchain know-how and digital property to attain Abu Dhabi’s aspirations, and the precedence areas for this can be progress clusters together with agritech, fintech, healthcare and biopharma, power, tourism, and ICT as we purpose to foster companies in these sectors to increase and speed up”.