Under the chairmanship of Mohamed Ali Al Shorafa, head of the Securities and Commodities Authority (SCA) and the Abu Dhabi Department of Economic Development (ADDED), the Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its inaugural meeting to discuss a strategy for blockchain and virtual assets.
The committee emphasised the significance of regulating blockchain and virtual asset operations to adhere to anti money laundering/combatting the financing of terrorism (AML/CFT) with international and local norms and regulations and create an environment that is safe, sound, and transparent, which would help foster confidence and draw more businesses to Abu Dhabi.
The committee was created to increase Abu Dhabi’s competitiveness in the blockchain and virtual asset space, coordinate the efforts of entities involved, communicate with regulators, and promote industry participants’ compliance with international standards and regulatory requirements, particularly AML/CFT...
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