Abu Dhabi Blockchain and Virtual Assets Committee Holds First Meeting

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting to discuss its blockchain and virtual asset strategy in line with the emirate's economic strategy.

The committee is chaired by Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman Securities and Commodities Authority (SCA).

The establishment of the committee aims to enhance Abu Dhabi's competitiveness in blockchain and virtual assets and regulate these activities by creating a safe, transparent and secure ecosystem while complying with international and local anti-money laundering and counter-terrorist financing (AML/CT) rules and regulations, which will help build trust and attract companies.

His Excellency Mohammed Ali Al Shorafa, chairman of ADDED and SCA, said:

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.

Members of the committee included representatives from major organisations and stakeholders, 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, Eng. Abdulla Al Shamsi, Director General of Abu Dhabi Investment Office (ADIO), and Dr. Maryam Buti Al Suwaidi, CEO of Securities and Commodities Authority (SCA).