The Abu Dhabi Global Market (ADGM), in collaboration with the United Arab Emirates Banks Federation (UBF), recently hosted a joint forum gathering specialists from across the industry to discuss the opportunities and challenges currently facing crypto assets and financial technology.
Additionally, ADGM shared the main features of its digital asset policy and surveillance tools, as well as its regulatory objectives.
Areas covered included ADGM’s crypto regulations and supervisory approach, together with the means through which regulators can jointly develop protocols for easing risks associated with regulatory measures for crypto assets.
UBF Chairman Abdul Aziz Al-Ghurair noted that given the advent of cryptocurrencies and other digital assets, it is important to develop the required frameworks and regulatory measures to govern rapidly emerging fintech.
He added that keeping pace with technological changes is necessary to eventually realizing national aspirations for becoming a leading international financial hub.
The UBF is a non-profit organization representing 50 member banks that operate in the UAE, with ADGM serving as a global financial center based in the capital Abu Dhabi. It has been described by its chairman as a “key pillar” of Abu Dhabi’s economic vision, born out of ambition rather than necessity.
The UAE Ministry of Finance announced in February 2019 that it planned to raise the issue of developing blockchain technology and crypto assets in the Emirati economy at the 7th World Government Summit, which was held that same month in Dubai.
Six commercial banks from the UAE and Saudi Arabia meanwhile joined a digital currency project after both countries announced an agreement to collaborate on the creation of a cryptocurrency in January.
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