The Abu Dhabi Blockchain and Digital Property Committee (ADBVAC) held its first assembly, below the chairmanship of Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Division of Financial Improvement (ADDED) and Chairman Securities and Commodities Authority (SCA), to debate technique for blockchain and digital belongings, which is aligned with the Emirates financial technique.

The committee emphasised the significance of regulating blockchain and digital asset actions to adjust to Anti Cash Laundering/Combating the Financing of Terrorism (AML/CFT) worldwide and native guidelines and laws and to make an ecosystem that’s secure, sound, and clear, which can assist construct belief and appeal to extra corporations to Abu Dhabi.

The committee has been established to enhance Abu Dhabi’s competitiveness within the blockchain and digital asset area, coordinate efforts of entities lively within the business, liaison with regulators, and promote compliance of business individuals with world requirements and regulatory necessities, notably AML/CFT laws, and help trade of knowledge and greatest practices.

To this finish, the Abu Dhabi Blockchain and Digital Property Committee contains representatives of main entities and stakeholders lively on this discipline together with Dhaher bin Dhaher Al Mheiri, CEO of Abu Dhabi World Market (ADGM) Registration Authority; Wai Lum Kwok, Senior Government Director Authorisation at ADGM; Mohammed Kaissi, Director of Strategic Tasks at ADQ; Faisal Al Hammadi, Government 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, Mohamed Ali 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, comparable to AML/CFT, investor safety, tech governance, and custody danger, to advertise blockchain and digital belongings.

“This may enable us to capitalise on blockchain expertise and digital belongings to attain Abu Dhabi’s aspirations. The precedence areas for this might be development clusters together with AgriTech, FinTech, Healthcare and Biopharma, Power, Tourism, and ICT as we goal to foster companies in these sectors to develop and speed up.”