Abu Dhabi To Grow Virtual Asset And Blockchain Space With New Committee

Abu-Dhabi-To-Grow-Virtual-Asset-And-Blockchain-Space

Abu Dhabi has announced the launch of the Abu Dhabi blockchain and virtual assets committee.

The Abu Dhabi Blockchain and Virtual Assets Committee is comprised of representatives of major entities and stakeholders active in this field, including Dhaher bin Dhaher Al Mheiri, CEO of Abu Dhabi Global Market (ADGM) Registration Authority, Wai Lum Kwok, Senior Executive Director Authorisation at ADGM, Mohammed Kaissi, Director of Strategic Projects at ADQ, 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,  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).

During the first meeting of the committee, under the chairmanship of H.E Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman Securities and Commodities Authority (SCA), discussed the aim of launching the committee, which is to develop the strategy for blockchain and virtual assets, 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. This, in turn, will build a safe, sound, and transparent ecosystem, which will help build trust and attract more companies to Abu Dhabi.

As per the press release, the Committee 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, as well as supporting an exchange of information and best practices.

H.E Mohamed Ali Al Shorafa, Chairman of ADDED and SCA, said, “The formation of Abu Dhabi’s Blockchain and Virtual Assets Committee 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 that addresses key risks and major governance issues, such as AML/CFT, investor protection, tech governance, and custody risk, to promote blockchain and virtual assets.”

He added, “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”.