On March 17, UAE Banks Federation (UBF), a non-profit cooperation which includes 50 banks operating in the country, together with Abu Dhabi Global Market (ADGM) organized a joint forum to discuss the challenges and opportunities facing fintech and crypto assets.

ADGM, an international financial center located in the UAE’s capital city, started off by sharing its regulatory objectives and features of the crypto asset policy also the surveillance tools. The topic of the discussion is about ADGM’s regulations and supervisory approach to process developing for easing crypto assets risk.

AbdulAziz Al-Ghurair, Chairman of UAE Banks Federation, said: “We strongly believe in the importance of collaboration to facilitate this transformation and ensure it takes place seamlessly and successfully. 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.”

The Chairman also revealed the ambition to be one of the foremost finance international hubs, which requires adaptation to the latest technology including consumer rights protection and market integrity safeguard.

Last February, The UAE Finance Ministry publicized the blockchain development and digital assets economy plans at the 7th World Government Summit. Later, Saudi Arabia and UAE commercial banks participated in a digital currency project, after their governments unified a cryptocurrency agreement in January.