An initial meeting of the Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) was held under the chairmanship of Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman of the Securities and Commodities Authority (SCA) to discuss the Emirates’ economic strategy for blockchain and virtual assets. To comply with international and local rules and regulations regarding anti-money laundering/countering terrorist financing (AML/CFT), the committee highlighted the importance of regulating blockchain and virtual asset activities.
By creating a secure, transparent, and safe environment, Abu Dhabi will be able to build trust and attract more companies. As part of its mandate, Abu Dhabi’s blockchain and virtual asset committee is responsible for improving its competitiveness, coordinating industry efforts, liaising with regulators, and ensuring that industry participants comply with global standards and regulatory requirements, particularly those relating to AML/CFT regulations, and exchanging information and best practices.
To this end, the Abu Dhabi Blockchain and Virtual Assets Committee comprises representatives of major entities and stakeholders active in this field including Dhaher bin Dhaher Al Mheiri, CEO of Abu Dhabi Global Market (ADGM) Registration Authority; Wai Lum Kwok, Senior Executive Director Authorisation at ADGM; Mohammed Kaissi, Director of Strategic Projects at ADQ; Faisal Al Hammadi, Executive Director Incubation at ADQ; Mohamed Jameel Al Ramahi, CEO of Masdar; Dr. Nikolas Meitanis, Advisor at Masdar CEO Office; Ibrahim Ajami, Head of Ventures and Growth at Mubadala; Abdulla Al Shamsi, Director-General of Abu Dhabi Investment Office (ADIO); and Dr. Maryam Buti Al Suwaidi, CEO of Securities and Commodities Authority (SCA).