A New Blockchain and Virtual Assets Strategy Has Been Launched in the Emirati Capital

Virtual assets are any digital representation of value which can be used for payments and digitally traded, while blockchain technology is a shared ledger which facilitates the process of tracking assets and recording transactions in business spheres. As of today, it is the fastest-growing industry around the globe, and various countries, including the UAE, are trying to regulate and adopt these technologies.

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting and outlined the strategy, led by H.E Mohamed Ali Al Shorafa, Chairman Securities and Commodities Authority (SCA) and Chairman of the Abu Dhabi Department of Economic Development (ADDED).

During the meeting the importance of regulating blockchain and virtual asset activities to comply with local regulations and Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) International was discussed to create a safe and transparent ecosystem and make Abu Dhabi more attractive for foreign investment, business development and the creation of new companies.

Among the members of ADBVAC are representatives of entities and stakeholders who are active in this sphere. The aim of the ADBVAC is to improve the Emirati capital’s competitiveness and efficiency in blockchain and virtual assets, promote compliance with global standards, exchange the information and experience, coordinate the efforts of companies which are part of this industry, and much more.

As the Chairman of ADBVAC has stated, it’s planned that virtual assets and blockchain technology will help Abu Dhabi in achieving their aspirations, and the priority will be given to spheres such as Energy, Tourism, AgriTech, FinTech, ICT, Biopharma and Healthcare. He also added that the formation of ADBVAC reflects the leadership’s foreseeing vision, which led Abu Dhabi to create a supportive business environment, infrastructure and offer investors potential growth opportunities.

The capital of Abu Dhabi stays as one of the most desirable destinations among expats due to job and business opportunities, as well as attractive offers. Only recently did the Abu Dhabi Islamic Bank announce the scheme to help local and foreign customers to purchase land for building a home or making an investment, with financing of up to 60% of the plot’s value.