💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

United Arab Emirates Takes Steps To Regulate Crypto After Being Placed On Watchlist

Published 28/08/2022, 19:54
© Reuters.  United Arab Emirates Takes Steps To Regulate Crypto After Being Placed On Watchlist

Abu Dhabi is the capital of the United Arab Emirates, and the second-largest city in the seven emirates.

What Happened: As of late August, the Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting under Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development (ADDED) and chairman of the Securities and Commodities Authority (SCA).

The committee discussed the importance of regulating blockchains as well as virtual assets to comply with Anti Money Laundering (AML) and Combating Financing of Terrorism (CFT).

Go To: Dow Rises Over 100 Points; US Crude Oil Inventories Decline Higher Than Expected

Al Shorafa said, “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.”

According to Finextra, the launch of the Abu Dhabi Blockchain and Virtual Assets Committee comes five months after the establishment of the Dubai Virtual Asset Regulatory Authority, and six months after the United Arab Emirates was placed on a watch list by the Financial Action Task Force (FATF) over money laundering concerns.

In May 2022, the Abu Dhabi Criminal Court convicted an organized criminal group consisting of 79 people, mainly Chinese nationals, for money laundering, citing up to $10 million in fines and 15 years in prison, per Gulf Business.

Essentially, the committee's focus is to create a regulatory framework that revolves around transparency and safety to better promote blockchain and virtual assets.

Bitcoin Price Action: Bitcoin (CRYPTO: BTC) was trading at $20,026 on Sunday, down 6.69% in the past seven days.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.