ABU DHABI, 25 August 2022 (WAM) — The Abu Dhabi Blockchain and Virtual Assets Board (ADBVAC) held its first meeting under the chairmanship of Abu Dhabi Economic Development Authority (ADDED), Mr. Mohamed Ali Al Shorafa. has been held. The US Securities and Commodities Administration (SCA) Chairman discusses blockchain and crypto-asset strategies in line with Emirates’ economic strategy.

The Commission regulates blockchain and virtual asset activities to comply with international and regional anti-money laundering/combating the financing of terrorism (AML/CFT) rules and regulations, and to ensure safe, sound and transparent We emphasized the importance of creating an ecosystem. Help build trust and attract more businesses to Abu Dhabi.

The committee will improve Abu Dhabi’s competitiveness in the blockchain and virtual asset space, coordinate the efforts of bodies operating in the industry, liaise with regulators, and ensure that industry participants are aligned with international standards and regulatory requirements, in particular Established to facilitate compliance with AML/CFT regulations. Supports information exchange and best practices.

To this end, the Abu Dhabi Blockchain and Virtual Assets Commission has appointed representatives of key entities and stakeholders operating in the field, including Dhaher bin Dhaher Al Mheiri, CEO of the Abu Dhabi Global Markets (ADGM) Registry Authority. consists of people. Wai Lum Kwok Senior Executive Director ADGM authority. Mohammed Kaishi, Director of Strategic Projects, ADQ. He is Faisal Al Hammadi, Executive Director of ADQ. Mohammed Jameel Al Ramahi, CEO of Masdar. Dr. Nicholas Maytanis, Advisor, Masdar CEO Office. Ibrahim Ajami, Head of Venture and Growth, Mubadala. Abdulla Al Shamsi, Director General, Abu Dhabi Investment Office (ADIO). and Dr. Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority (SCA).

At the first meeting, Mohammed Ali Al Shorafa said: We provide investors with growth opportunities.

“The Commission will bring together all relevant stakeholders to create a robust, credible and comprehensive framework that addresses key risks and key governance issues such as AML/CFT, investor protection, technology governance and custody risk. Build a robust regulatory and business ecosystem: Blockchain and virtual assets.

“This will allow us to leverage blockchain technology and virtual assets to achieve Abu Dhabi’s aspirations. The priority areas for this are agritech, fintech, healthcare and biopharmaceuticals, energy, tourism and ICT. It is a growth cluster that includes and these sectors will expand and accelerate.”

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