Abu Dhabi to launch blockchain, virtual assets strategy

Abu Dhabi is drawing up a strategy for blockchain and virtual assets to ensure they align with the emirate's overall economic ambitions.

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting to discuss aspects related to regulations, transparency as well as compliance with anti-money laundering rules.

It's also working closely with industry representatives to enhance Abu Dhabi’s competitiveness in the virtual asset space and attract more companies to the emirate.

The committee said it 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.

"This will allow us to capitalise on blockchain technology and virtual assets to achieve Abu Dhabi’s aspirations, and the priority areas for this will be growth clusters including AgriTech, FinTech, Healthcare and Biopharma, Energy, Tourism, and ICT as we aim to foster businesses in these sectors to expand and accelerate," said Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman of the Securities and Commodities Authority (SCA).

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) has outlined its strategy to enable a safe, secure and transparent digital ecosystem #inAbuDhabi, in compliance with global monetary best practices. pic.twitter.com/WXnsJtfFJN

— مكتب أبوظبي الإعلامي (@ADMediaOffice) August 25, 2022