Abu Dhabi panel on blockchain, virtual assets holds first meeting

The Abu Dhabi Blockchain and Virtual Assets Committee held its first meeting on Thursday, and stressed on regulating blockchain and virtual asset activities in compliance with Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) rules.

“The committee is bringing together all the relevant stakeholders to build a robust, credible, and comprehensive regulatory and business ecosystem that addresses key risks and major governance issues, such as AML/CFT, investor protection, tech governance, and custody risk, to promote blockchain and virtual assets,” Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman Securities and Commodities Authority (SCA), said.

The committee has been established to improve Abu Dhabi’s competitiveness in blockchain and virtual asset space, coordinate efforts of entities active in the industry, liaising with regulators, and promoting compliance of industry participants with global standards and regulatory requirements, particularly AML/CFT regulations, and supporting exchange of information and best practices.