The United Arab Emirates Banks Federation (UBF) and therefore the Abu Dhabi Global Market (ADGM) hosted a joint forum on crypto assets and fintech, the UAE’s official news outlet Emirates News Agency reported on 17th March.
Per the report, the event was controlled in ADGM together with the UBF Compliance Committee and aimed to compile business specialists to discuss the challenges and opportunities facing fintech and crypto assets.
At the beginning of the meeting, ADGM additionally shared its regulative objectives and therefore the main options of it’s crypto plus policy and surveillance tools.
Moreover, the topics mentioned at the forum reportedly ranged from ADGM’s crypto plus laws and higher-approach to however banks and monetary regulators will put together develop processes and procedures to ease crypto asset regulative risks. 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 noted the native aspiration to become one in all the foremost international hubs for finance and the way maintaining with the technological amendment is critical to attaining this objective.
The UBF may be a non-profit organization that represents 50 member banks that operate within the country. ADGM is a global center placed within the UAE’s capital town.
In the month of February, the UAE Ministry of Finance additionally declared that it planned to debate the event of blockchain and digital assets within the country’s economy at the seventh World Government Summit.
During the same month, six business banks from Saudi Arabia and the UAE joined a digital currency project once the authorities of each the countries announced an agreement to work on the creation of a cryptocurrency in January.