Abu Dhabi has announced the creation of a government body to develop its strategy to regulate and promote the world of virtual assets.
The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its inaugural meeting at the end of August, chaired by Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development and Chairman of the Securities and Commodities Authority (SCA).
According to the statement, the committee will focus on creating a regulatory framework for virtual and blockchain assets that complies with anti-money laundering and anti-terrorist financing rules and helps build “an ecosystem that is safe, healthy and transparent.”
ADBVAC will also be tasked with making Abu Dhabi more competitive in blockchain and virtual assets, promoting the exchange of information and implementing best practices for participants.
It will consist of executives from Abu Dhabi Global Market, SCA, sovereign wealth funds ADQ and Mubadala, Abu Dhabi Investment Office and professional firm Mazars.
“The committee brings together all relevant stakeholders to build a robust, trusted and comprehensive regulatory and business ecosystem that addresses key risks and core governance issues such as AML/CFT, investor protection, tech governance and custody risk. blockchain and virtual assets,” stated Al Shorafa.
The launch of ADBVAC comes five months after the establishment of the Dubai Virtual Asset Regulatory Authority.
It also comes six months after the UAE was placed on the watch list of the Financial Action Task Force (FATF) over money laundering concerns.