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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.
Why it matters
The United Arab Emirates has indicated that it is looking to diversify away from its oil-based economy. One way in which it hopes to achieve this is by undertaking a transformation to make itself a hub of new-age digital technologies like the Metaverse, blockchain and NFTs. Recent times have seen Dubai unveil its new strategy to use the metaverse to boost its economy by $4 billion in the next 5 years. All women living in Abu Dhabi, are to be given a free digital currency, NFT, and blockchain domain name when they sign up to a platform built to encourage more women to pursue Web3-based careers.
