The Institute of Chartered Accountants in England and Wales (ICAEW) partnered with the UAE Banks Federation (UBF) to help companies navigate the rapidly evolving digital assets landscape.
The partnership, coming amidst projections of the digital assets market crossing $80 billion by 2024, coincides with the UAE’s advanced pilot of Central Bank Digital Currencies (CBDCs).
CBDCs are digital forms of a country’s sovereign currency, issued and regulated by the central bank.
They are designed to work alongside traditional physical currencies, offering a secure and efficient method of digital transactions.
The UAE is one of only 36 countries in the world currently piloting their use.
As part of the partnership, ICAEW and UBF held a panel discussion to explore the dynamic landscape of the UAE’s digital currencies, and also to equip industry professionals with essential knowledge and best practices to navigate this evolving ecosystem.
The panel emphasised the inevitability of complete financial digitisation, with the UAE already leading in AI adoption.
They also highlighted the revolutionary potential of CBDCs in transforming banking operations, offering stability and security backed by central banks.
The panelists, however, cautioned the challenges accompanying the digital shift, pointing out that as digitisation and AI adoption increase, so does the risk of cybercrime, necessitating robust security measures.
Malicious actors are constantly innovating new ways to exploit vulnerabilities and steal sensitive financial data, they said.
The panel urged organisations to continuously improve their cybersecurity measures to protect against these growing threats.
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