The United Arab Emirates Banks Federation (UBF) and the Abu Dhabi Global Market (ADGM) hosted a joint discussion board on crypto property and fintech, the UAE’s official information outlet Emirates News Agency reported on March 17.
Per the report, the occasion was held in ADGM in collaboration with the UBF Compliance Committee and aimed to carry collectively trade specialists to debate the challenges and alternatives dealing with fintech and crypto property.
At the beginning of the assembly, ADGM additionally shared its regulatory goals and the principle options of its crypto asset coverage and surveillance instruments.
Moreover, the general subjects mentioned on the discussion board reportedly ranged from ADGM’s crypto property rules and supervisory strategy to how banks and monetary regulators can collectively develop processes and procedures to ease crypto asset regulatory dangers. The report additionally quotes UBF Chairman Abdul Aziz Al-Ghurair as saying:
“Given the rapid emergence of new FinTech such as cryptocurrencies and other crypto assets, it is essential that we develop frameworks and regulations that govern these technologies and developments.”
Al-Ghurair additionally famous the native aspiration to grow to be one of many foremost worldwide hubs for finance and the way maintaining with the technological change is important to realize this goal.
The UBF is a non-profit group that represents 50 member banks that function within the nation. ADGM is a world monetary middle positioned within the UAE’s capital metropolis.
As Cointelegraph reported in February, the UAE Ministry of Finance additionally introduced that it deliberate to debate the event of blockchain and digital property within the nation’s financial system on the seventh World Government Summit.
During the identical month, six business banks from Saudi Arabia and the UAE joined a digital forex undertaking after the authorities of each the nations introduced an settlement to cooperate on the creation of a cryptocurrency in January.