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By Economy Middle East
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August 25, 2022 4:49 pm

Abu Dhabi to launch blockchain and virtual assets strategy

The plan aims to develop growth opportunities for investors
Virtual assets
Abu Dhabi

Abu Dhabi has announced plans to launch a strategy for blockchain and virtual assets strategy that aligns with the emirate’s overall economic strategy, the Abu Dhabi Blockchain and Virtual Assets Committee said on Thursday.

The committee held its first meeting, led by Mohamed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development and the Securities and Commodities Authority, to discuss strategy.

“The formation of Abu Dhabi’s Blockchain and Virtual Assets Committee reflects our leadership’s farsighted vision and approach, which enabled Abu Dhabi to nurture a supportive business environment, unparalleled connectivity, and infrastructure, and an entrepreneurial mindset that presents investors with growth opportunities,” Al Shorafa said.

The committee aims to improve Abu Dhabi’s competitiveness in blockchain and the virtual asset space, as well as coordinate efforts of entities active in the industry, the Abu Dhabi Media Office said.

It will also liaise with regulators and promote compliance among industry participants with global standards and regulatory requirements, “particularly AML/CFT [anti-money laundering/combating the financing of terrorism] regulations, and supporting the exchange of information and best practices”.