Abu Dhabi to Launch Blockchain and Virtual Assets Strategy

Abu Dhabi to Launch Blockchain and Virtual Assets Strategy

Focussed on regulating blockchain and virtual asset activities

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting, under the chairmanship of H.E Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) to discuss strategy for blockchain and virtual assets.

The Committee emphasised 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 build an ecosystem that is safe, sound, and transparent.

The Committee is established to improve Abu Dhabi’s competitiveness in blockchain and virtual asset space, coordinate efforts of entities active in the industry, liaising with regulators, and promoting compliance of industry participants with global standards and regulatory requirements.

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To this end, 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)

  • H.E. Dr. Maryam Buti Al Suwaidi, CEO of Securities and Commodities Authority (SCA).

Addressing the first meeting, 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.

“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.

“This will allow us to capitalise 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."

Read More: ADDED Adds 126 New Economic Activities for MSMEs to ‘Tajer Abu Dhabi’

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