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 Growth (ADDED) and Chairman Securities and Commodities Authority (SCA), to debate technique for blockchain and digital property, 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 rules and to make an ecosystem that’s secure, sound, and clear, which can assist construct belief and appeal to extra firms 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 trade, liaison with regulators, and promote compliance of trade members with world requirements and regulatory necessities, significantly AML/CFT rules, and assist 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 Development 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 strategy, which enabled Abu Dhabi to nurture a supportive enterprise atmosphere, unparalleled connectivity and infrastructure and an entrepreneurial mindset that presents buyers with progress 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, reminiscent of AML/CFT, investor safety, tech governance, and custody danger, to advertise blockchain and digital property.
“This may permit us to capitalise on blockchain expertise and digital property to realize Abu Dhabi’s aspirations. The precedence areas for this shall be progress clusters together with AgriTech, FinTech, Healthcare and Biopharma, Power, Tourism, and ICT as we goal to foster companies in these sectors to broaden and speed up.”