The United Arab Emirates Bank Federation (UBF) hosted a joint forum with Abu Dhabi Global Market on crypto assets, according to UAE’s official crypto news outlet Emirates News Agency reports that reached DC Forecasts today.
The report shows that the event was held in Abu Dhabi with the help of UBF Compliance Committee in order to bring together huge industry players and specialists to discuss the potential challenged that the crypto industry is facing.
The ADGM pointed out at the start of the meeting about the regulatory objectives and features of the new policies and surveillance tools. Also, most of the topics on the forum ranged from crypto regulation and supervision to how the banks should develop tools and procedures to ease the regulation of crypto assets. The report shows that UBF’s 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.”
Al-Ghurair also mentioned that the huge aspiration to become one of the most important international places in the world for finance and how to keep up with all the technological changes that revolve around the world in order to achieve the given objectives.
The United Arab Emirates Bank Federation is actually a non-profit organization that represents about 50 member banks that operate around the country. ADGM, on the other hand, is a major international finance center that is located in the capital city of the United Arab Emirates.
The Ministry of Finance of the United Arab Emirates initially announced its plans to discuss a blockchain development and using the digital assets in the country while talking at the seventh World Government Summit. In the same time, six commercial, big player banks from Saudi Arabia and the UAE joined a digital currency project when the authorities of both countries announced their agreement to collaborate in order to create a new cryptocurrency back in January. The two countries believe that the joint issuance is important for their international remittances and their further development since their national central systems for domestic transactions have proven to function great.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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