Abu Dhabi Establishes Crypto Committee

Abu Dhabi Establishes Crypto Committee

The Middle Eastern nation of Abu Dhabi has established a government body to develop a strategy for regulating and promoting digital assets. Abu Dhabi has become one of the known crypto hubs approving the license of several branches of digital asset firms.

In late August, the Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its inaugural meeting, chaired by Mohamed Ali Al Shorafa, the chairman of the Abu Dhabi Department of Economic Development and chairman of the Securities and Commodities Authority (SCA). The Committee is set to oversee crypto regulation and promote the digital asset industry within its jurisdiction. As part of the discussion, the newly established committee seeks to introduce a regulatory framework to build a safe, sound, and transparent ecosystem

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