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The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting to discuss the strategy for blockchain and virtual assets. The committee was set up to improve the emirate's competitiveness in blockchain and virtual asset space.
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The meeting stressed 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. The committee will focus on ways to capitalise on blockchain technology and virtual assets to achieve Abu Dhabi’s aspiration, with priority on growth clusters including AgriTech, FinTech, Healthcare and Biopharma, Energy, Tourism, and ICT.