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UAE Financial Authorities jointly conduct Fintech and Crypto Asset Forum


Abu Dhabi and the United Banks Federation together hosted a forum on fintech and crypto assets, as reported by UAE’s official news outlet Emirates News Agency. 

The agenda of the event was to  discuss the new opportunities and challenges faced by fintech and crypto assets. Several industry specialists came together to deliberate upon the future of the same. Also, the event was held in collaboration with UBF Compliance Committee. 

Per the report, UBF Chairman Abdul Aziz Al-Ghurair said:

“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.”

ADGM threw light on the regulatory objectives it plans to implement. It also discussed features of its crypto asset policy and surveillance tools.

The discussion topics comprised of ADGM’s crypto assets regulations, a realistic and supervisory approach to how financial institutions can ease risks related to crypto assets. And, how can they jointly develop the same. 

Al-Ghurair further mentioned that a sense of competition coupled with the drive to establish prominence as the prime international hubs for finance is a catalyst. Moreover, keeping up with the technological advancements is all the more necessary to achieve this goal. 

In early, February, the UAE Ministry of Finance announced plans to discuss the development of blockchain and digital assets in the country’s economy. The announcement was done at the 7th World Government Summit.

Also, in February six commercial banks from Saudi Arabia and the UAE jointly collaborated with a digital currency project. This was after the authorities of both the countries agreed to cooperate on building a cryptocurrency in January.

About UBF

 The UBF is a non-profit organization. It represents 52 member banks operating in the country and was established in 1982. It facilitates the exchange of knowledge and experience and puts forward the interests of member banks.

It resolves prevailing market challenges with innovative solutions that raise governance standards and are built on legal frameworks. It also plays a key role in building public awareness about economic and social contribution of banks. 

About ADGM

ADGM is an international financial center. It is headquartered in the UAE’s capital city, Abu Dhabi. It was established by Federal Decree in 2013. 

The ADGM Free Zone started functioning full scope in October 2015. Also, it is controlled by three independent authorities – the Registration Authority, the Financial Services Regulatory Authority (FSRA) and the ADGM Courts.