The Abu Dhabi Blockchain and Virtual Assets Committee announced that it will be launching a blockchain and virtual asset strategy that will align with the Emirate’s overall economic strategy.

​​The first meeting was led by H.E. Mohamed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development (ADDED) and the Securities and Commodities Authority (SCA), last Thursday.

There, the Committee pressed the importance of regulating blockchain activities in compliance with Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) international and local rules and regulations in order to build an ecosystem that is safe and transparent for Abu Dhabi companies.

H.E. Mohamed Al Shorafa explained: “The formation of Abu Dhabi’s Blockchain and Virtual Assets Committee reflects our leadership’s 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.”

The Abu Dhabi Blockchain and Virtual Assets Committee is comprised of a number of 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, H.E. 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 H.E. Dr. Maryam Buti Al Suwaidi, CEO of Securities and Commodities Authority (SCA).

H.E. Mohamed Al Shorafa stated: “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.” 

He added: “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.”

The UAE has been spearheading blockchain technology in the region. In July, H.H Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council announced the launch of the Dubai Metaverse Strategy as part of his ​​plan to transform the emirate into a global capital of emerging technologies, attracting over 1,000 companies in the sector and contributing $500 million to the national economy. 

Following the launch of the Dubai Metaverse Strategy, H.H. Sheikh Hamdan bin Mohammed announced the Dubai Metaverse Assembly, which is set to be organized by the DFF on the 28th and 29th of September at the Museum of the Future and Emirates Towers. The event will host more than 300 global experts, policymakers, thought leaders and decision makers from more than 40 organizations to discuss how to best leverage web3 opportunities and humanize metaverse applications to enhance quality of life.