Abu Dhabis Blockchain and Asset Strategy the Next Big Thing

The tale of blockchain and cryptocurrency has been one with many sides, like a chameleon. While certain countries have publicly declared their disinterest in the technology, other countries have made it one of the decisive quantum leaps that their economy needs to thrive. 

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In the UAE [United Arab Emirates], for instance, the government has enabled over 50% of their transactions using blockchain technology since 2021. This is something Nigeria is yet to adopt, not because of anything to ease our processes, but because our systems are so traditional that they fear the risk of being sabotaged. But today is Abu Dhabi day, right? 

Several MENA [the Middle East and North Africa] nations dominate the world in a variety of ICT [Information Commission Technology] metrics, while others are quickly climbing the ranks thanks to investments in technology and initiatives to promote its uptake and usage. 

The urge to shift away from dependence on black gold and develop a more knowledge-based economy is a major force behind digital transformation initiatives in many MENA countries. 

With these and other efforts being visible in the global digital space as expected in 2022, the Middle East has been intensifying its efforts in technological advancement, especially in the UAE. In a recent development, Abu Dhabi took a new turn with blockchain technology that one could ponder if this is the next big thing the world promised us. 

A blockchain and virtual assets strategy that is in line with the Emirate's economic strategy was discussed at the first meeting of the Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC). 

To remain competitive with international markets, the established committee wants to increase Abu Dhabi's competitiveness in the blockchain and virtual asset sectors. 

In their bid for growth and possible investors, Abu Dhabi is building a secure, open, and reliable environment while adhering to national and international Anti-Money Laundering/Combating the Financing of Terrorism (AML/CT) norms and regulations in order to help establish trust and draw businesses to the city. 

To promote blockchain and virtual assets, the Committee is bringing together all the necessary stakeholders to create a strong, credible, and comprehensive regulatory and business ecosystem that addresses key risks and significant governance issues such as AML/CFT, investor protection, tech governance, and custody risk. 

The priority areas for this will be growth clusters including AgriTech, FinTech, Energy, Healthcare, Biopharma, Tourism, and ICT to foster businesses in these sectors to expand and accelerate. This will allow them to capitalize on blockchain technology and virtual assets to achieve Abu Dhabi's aspirations. 

In conclusion, at a time when several MENA countries are working to accept, regulate, and develop using blockchain and virtual assets due to their phenomenally rapid global growth, the UAE has seen an ultralight beam with the asset strategy of Abu Dhabi as an illustration of these remarkable initiatives. 

 

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