Abu Dhabi announced on Thursday its plans to unveil a strategy for blockchain and virtual assets that will align with the emirate's overall economic strategy.

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC), which is set up to improve the emirate's competitiveness in blockchain and virtual asset space, stressed on the importance of regulating blockchain and virtual asset activities to comply with Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) International and local rules and regulations.

ADBVAC is also working towards building an ecosystem that is safe, sound, and transparent, which will help build trust and attract more companies to Abu Dhabi. The committee is established to improve Abu Dhabi’s competitiveness in blockchain and virtual asset space.

"The Blockchain and Virtual Assets 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 asset," Mohamed 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,” he added.

(Writing by Seban Scaria seban.scaria@lseg.com; editing by Anoop Menon)