Abu Dhabi to launch blockchain and virtual assets strategy

Abu Dhabi to launch blockchain and virtual assets strategy

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) has held its first meeting with Abu Dhabi Department of Economic Development (ADDED) and Securities and Commodities Authority (SCA), to discuss strategy for blockchain and virtual assets, which is 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, and to build an ecosystem that is safe, sound, and transparent, which will help build trust and attract more companies to Abu Dhabi.

It 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, and supporting the exchange of information and best practices.

Mohammed Ali Al Shorafa

Chairman – ADDED & SCA “The formation of ADBVAC 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