The goal is to build a safe, transparent ecosystem to attract companies to the emirate
The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting to discuss strategy for blockchain and virtual assets.
In the meeting held under the chairmanship of Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman Securities and Commodities Authority (SCA), 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, which will help build trust and attract more companies to Abu Dhabi.
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...
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