Abu Dhabi has introduced the formation of a authorities physique to develop its technique for regulating and selling the world of digital belongings.
The Abu Dhabi Blockchain and Digital Property Committee (ADBVAC) held its inaugural assembly in late August, chaired by Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Division of Financial Growth and chairman of the Securities and Commodities Authority (SCA).
In response to a press release, the committee will concentrate on making a regulatory framework for digital and blockchain belongings that complies with anti-money laundering and counter-terrorist financing guidelines and helps construct “an ecosystem that’s secure, sound and clear”.
The ADBVAC may also be charged with making Abu Dhabi extra aggressive within the blockchain and digital belongings area, supporting the alternate of knowledge and establishing greatest follow for individuals.
Will probably be made up of executives from Abu Dhabi World Market, the SCA, state wealth funds ADQ and Mubadala, the Abu Dhabi Funding Workplace {and professional} companies agency Mazars.
“The committee is bringing collectively all of the related stakeholders to construct a sturdy, credible, and complete regulatory and enterprise ecosystem that addresses key dangers and main governance points, resembling AML/CFT, investor safety, tech governance, and custody danger, to advertise blockchain and digital belongings,” acknowledged Al Shorafa.
The launch of the ADBVAC comes 5 months after the institution of the Dubai Digital Asset Regulatory Authority.
It additionally comes six months after the UAE was positioned on a watch listing by the Monetary Motion Process Power (FATF) over cash laundering considerations.