The Federation of Banks of the United Arab Emirates (UBF) and the Abu Dhabi Global Market (ADGM) held a joint forum on crypto assets and finteham, the UAE official news agency reported on March 17.
According to the report, the event was held at the ADGM in collaboration with the UBF Compliance Committee and was intended to bring together industry experts to discuss problems and opportunities.
At the beginning of the meeting, the ADGM also shared its regulatory objectives and the main features of its crypto asset policy and surveillance tools.
Moreover, the general topics discussed at the forum reportedly varied from the ADGM rules on cryptoactive assets and the supervisory approach to how banks and financial regulators can jointly develop processes and procedures to reduce the risks of cryptoactive assets regulation. The report also says that UBF chairman Abdul Aziz al-Gurair said:
"Given the rapid emergence of new FinTech, such as cryptocurrencies and other cryptocurrencies, it is very important that we develop the foundations and rules that govern these technologies and developments."
Al-Ghurayr also noted the local desire to become one of the leading international centers of finance and how it is necessary to keep up with technological changes to achieve this goal.
UBF is a non-profit organization that represents 50 member banks operating in the country. ADGM is an international financial center located in the capital of the UAE.
As reported in February, the UAE Ministry of Finance also announced that it plans to discuss the development of blockchain and digital assets in the country's economy at the 7th summit of the world government.
In the same month, six commercial banks from Saudi Arabia and the United Arab Emirates joined the digital currency project after the authorities of both countries announced an agreement on cooperation in creating cryptocurrency in January.