Abu Dhabi develops crypto-focused committee

Abu Dhabi

Abu Dhabi has created a government body to develop its strategy for the regulation and promotion of virtual assets.

According to Finextra, the Abu Dhabi Blockchain and Virtual Assets Committee held its first meeting recently, chaired by chairman of the Abu Dhabi Department of Economic Development Mohamed Ali Al Shorafa.

The Committee will focus on creating a regulatory framework for virtual and blockchain assets that complies with AML and CTF rules and helps build ‘an ecosystem that is safe, sound and transparent’.

In addition, the Committee will be charged with making Abu Dhabi more competitive in the blockchain and virtual assets space. It will consist of executives from Abu Dhabi Global Market, the SCA, state wealth funds ADQ and Mubadala, the Abu Dhabi Investment Office and professional services firm Mazars.

Al Shorafa said, “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.”

Australia recently revealed it will begin a review of how crypto assets are managed, with a view toward keeping practices up to date and protecting consumers, CoinDesk has revealed.

The review was revealed by Australian Treasurer Jim Chalmers in a statement released earlier this week.

Chalmers said, “Australians are experiencing a digital revolution across all sectors of the economy, but regulation is struggling to keep pace and adapt with the crypto asset sector. As the first step in a reform agenda, Treasury will prioritize ‘token mapping’ work in 2022, which will help identify how crypto assets and related services should be regulated. This hasn’t been done anywhere else in the world, so it will make Australia leaders in this work.”

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