Financial Authorities of UAE Conduct Crypto Asset and Fintech Forum

Girish Chugh

March 18, 2019 1:03 pm

Financial Institutions of UAE Conduct Crypto Asset and Fintech Forum
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The United Arab Emirates Federation (UBF) and the Abu Dhabi Global Market (ADGM) conducted a combined forum on crypto assets and fintech, the official news outlet of UAE, Emirates News Agency reported on March 17.

According to the report, the event was held in ADGM partnering with the UBF Compliance Committee, striving to bring industry specialists together for discussing the challenges and opportunities standing in the way of crypto assets and fintech.

ADGM also shared its regulatory objectives and the main features of its crypto asset policy and surveillance tools, at the beginning of the meeting.

Furthermore, a variety of topics were discussed at the form, including ADGM’s crypto assets regulations and supervisory approach to how banks and financial regulators and collectively develop processes and procedures to simplify crypto asset regulatory risks. The report also cites UBF Chairman Abdul Aziz Al-Ghurair.

“Given the rapid emergence of new FinTech such as cryptocurrencies and other crypto assets, it is essential that we develop framework and regulations that govern these technologies and developments.”

Al-Ghurair also mentioned the local aspiration to become one of the most prominent international hubs for finance, emphasizing the importance of the technological revolution in achieving the objectives.

The UBF is a non-profit organization representing 50 member banks that operate in the country. Whereas, ADGM is an international financial center located in the Capital of UAE.

In February, six commercial banks from Saudi Arabia and the UAE consolidated a digital currency project, following the announcement by the authorities of both the countries about an agreement to cooperate on the development of a cryptocurrency.

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