Abu Dhabi has announced plans to launch a strategy for blockchain and virtual assets strategy that aligns with the emirate’s overall economic strategy, the Abu Dhabi Blockchain and Virtual Assets Committee said on Thursday.
The committee held its first meeting, led by Mohamed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development and the Securities and Commodities Authority, to discuss strategy.
“The formation of Abu Dhabi’s Blockchain and Virtual Assets Committee reflects our leadership's farsighted vision and approach, which enabled Abu Dhabi to nurture a supportive business environment, unparalleled connectivity and infrastructure and an entrepreneurial mindset that presents investors with growth opportunities,” Mr Al Shorafa said.
The committee aims to improve Abu Dhabi’s competitiveness in blockchain and the virtual asset space, as well as co-ordinate efforts of entities active in the industry, the Abu Dhabi Media Office said.
It will also liaise with regulators and promote compliance among industry participants with global standards and regulatory requirements, "particularly AML/CFT [anti-money laundering/combating the financing of terrorism] regulations, and supporting exchange of information and best practices".
The strategy-making comprises representatives of major entities and stakeholders in the field, including Dhaher Al Mheiri, chief executive of Abu Dhabi Global Market Registration Authority, Wai Lum Kwok, senior executive director authorisation at ADGM, Mohamed Kaissi, director of strategic projects at ADQ, Faisal Al Hammadi, executive director incubation at ADQ, and Mohamed Al Ramahi, chief executive of Masdar.
It also includes Nikolas Meitanis, adviser at Masdar chief executive office, Ibrahim Ajami, head of ventures and growth at Mubadala, Abdulla Al Shamsi, director general of Abu Dhabi Investment Office, and Maryam Buti Al Suwaidi, chief executive of Securities and Commodities Authority.
In its first meeting, the committee emphasised the importance of regulating blockchain and virtual asset activities to comply with AML/CFT, international and local rules and regulations, and building an ecosystem that is safe, sound and transparent, which will help to build trust and attract more companies to Abu Dhabi.
“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,” Mr Al Shorafa said.
“This will allow us to capitalise on blockchain technology and virtual assets to achieve Abu Dhabi’s aspirations, and the priority areas for this will be growth clusters including AgriTech, FinTech, healthcare and biopharma, energy, tourism and ICT as we aim to foster businesses in these sectors to expand and accelerate.”
The UAE government has taken concrete steps to establish a strong digital economy and make use of the advantages provided by digital transformation.
The Emirates has been in the forefront of recognising the need for a regulatory framework for the development of blockchain and virtual assets.
In March, Dubai adopted the first law of its kind in the country that regulates virtual assets and set up the Dubai Virtual Asset Regulatory Authority to regulate the sector throughout the emirate, including special development zones and free zones, excluding the Dubai International Financial Centre.
In 2018, the Financial Services Regulatory Authority, the regulator of Abu Dhabi Global Market, launched a comprehensive virtual asset framework for the trade of virtual assets by businesses, including multilateral trading facilities, custodians and brokers.
These regulations have been continuously refined to mitigate risks and make the ADGM an attractive space for home-grown, regional and international companies.
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
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Valtteri Bottas (Mercedes-GP)
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Rating:****
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Benefits of first-time home buyers' scheme
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Six things you need to know about UAE Women’s Special Olympics football team
Several girls started playing football at age four
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The girls want to inspire others to join the UAE Special Olympics teams
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76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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- Premier League-standard football pitch
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- NBA-spec basketball court with auditorium
- 600-seat auditorium
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- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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- Disruption Lab and Research Centre for developing entrepreneurial skills
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
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Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
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The Vines - In Miracle Land
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Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
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Results
Final: Iran beat Spain 6-3.
Play-off 3rd: UAE beat Russia 2-1 (in extra time).
Play-off 5th: Japan beat Egypt 7-2.
Play-off 7th: Italy beat Mexico 3-2.
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KILLING OF QASSEM SULEIMANI
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