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Underneath the chairmanship of Mohamed Ali Al Shorafa, head of the Securities and Commodities Authority (SCA) and the Abu Dhabi Division of Financial Growth (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 surroundings 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 members’ compliance with worldwide requirements and regulatory necessities, significantly AML/CFT rules, whereas additionally fostering data sharing and greatest 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 greatest 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 Progress 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 mentioned: “The formation of Abu Dhabi’s Blockchain and Digital Property Committee displays our management farsighted imaginative and prescient and method, which enabled Abu Dhabi to nurture a supportive enterprise surroundings, unparalleled connectivity and infrastructure and an entrepreneurial mindset that presents buyers with development 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, akin to AML/CFT, investor safety, tech governance, and custody danger, 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 shall be development clusters together with agritech, fintech, healthcare and biopharma, vitality, tourism, and ICT as we purpose to foster companies in these sectors to broaden and speed up”.
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