The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) is planning to launch a strategy for blockchain and virtual assets.
The ADBVAC disclosed this during a meeting held earlier this week.
Speaking during the meeting, Mohamed Ali Al Shorafa, who doubles as the Chairman of the Abu Dhabi Department of Economic Development (ADDED) and the Chairman of Securities and Commodities Authority (SCA), said that there was a need to regulate the blockchain and virtual asset ecosystem.
This is also to ensure compliance with the state’s Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) International and local rules and regulations.
This strategy will further strengthen the country’s ecosystem and also build trust and attract more companies to Abu Dhabi.
“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.” Al-Shorafa said.