Abu Dhabi launches virtual assets committee

CryptocurrenciesAbu Dhabi has announced the formation of a government body to discuss its strategy for regulating and promoting the world of virtual assets. The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its inaugural meeting in late August, chaired by Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development and chairman of the Securities and Commodities Authority (SCA). According to a statement, the committee will focus on creating a regulatory framework for virtual and blockchain assets that complies with anti-money laundering and counter-terrorist financing rules and helps build “an ecosystem that is safe, sound and transparent”. The committee will also be charged with making Abu Dhabi more competitive in the blockchain and virtual assets space, supporting the exchange of information and establishing best practice for participants.   The committee 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. “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,” stated Al Shorafa. The launch of the ADBVAC comes five months after the establishment of the Dubai Virtual Asset Regulatory Authority. It also comes six months after the UAE was placed on a watch list by the Financial Action Task Force (FATF) over money laundering concerns. ©2022 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.


Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.

ROUNDTABLE: Hooked to the global caravan

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.