United Arab Emirates’ Financial Authorities Host Cryptocurrency Asset and Fintech Forum

The United Arab Emirates (UBF) and the global market of Abu Dhabi (ADGM) have organized a joint forum on cryptographic tools and financial technologies, the UAE Emirates News official news conference reported. Agency, March 17.

According to the report, the event was held in ADGM in co-operation with the UBF Compliance Committee and aims to bring industry experts together to discuss the challenges and opportunities associated with the fintech and crypto property.

At the beginning of the meeting, ADGM also shared its regulatory goals and main features of its cryptographic property policy and tracking tools.

Also, all the topics discussed at the forum ranged from ADGM regulations to regulation and prudential approaches that banks and financial regulators can jointly develop processes and procedures to mitigate the risks associated with cryptographic asset regulation. The report also states that UBF President Abdul Aziz Al-Ghurair said:

"Given the rapid emergence of new financial technologies, such as cryptocurrencies and other cryptographic resources, it is necessary to develop frameworks and regulations that regulate this technology and development."

Al-Ghurair also underlined the aspiration to become one of the major international funding centers and the need to keep up with technological development to achieve this goal.

UBF is a non-profit organization that represents 50 active member banks in the country. ADGM is an international financial center located in the capital of the United Arab Emirates.

As Cointelegraph mentioned in February, the United Arab Emirates's Ministry of Finance also announced plans to discuss the development of block and digital channel funds in the country's economy at the 7th World Summit Government.

In the same month, six commercial banks in Saudi Arabia and the United Arab Emirates joined the digital currency project after the authorities of both countries announced the signing of a cooperation agreement to create a cryptocurrency. In January.


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