Abu Dhabi launches new blockchain and virtual assets strategy.

Really cool news! The new committee emphasised the importance of building a safe ecosystem to build trust and attract more companies. The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting to discuss a blockchain and virtual assets strategy aligned with the Emirates economic strategy.

The committee, under the chairmanship of Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman Securities and Commodities Authority (SCA) aims to improve Abu Dhabi’s competitiveness in blockchain and the virtual asset space to keep in par with global markets. Regulating blockchain and virtual asset activities by building a safe, transparent and sound ecosystem while complying with the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CT) International and local rules and regulations, will help build trust and attract companies to the capital.

This effort will allow capitalisation on blockchain technology and virtual assets with growth in AgriTech, FinTech, Healthcare & Biopharma, Energy, Tourism and ICT – businesses in these sectors will face expansion and acceleration.

“The formation of Abu Dhabi’s Blockchain and Virtual Assets Committee reflects our leadership 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.” said Mohamed Ali Al Shorafa, Chairman of ADDED and SCA