The Institute of Chartered Accountants in England and Wales (ICAEW) has partnered with the United Arab Emirates (UAE) Banks Federation to assist companies perceive and adapt to the digital asset panorama. The partnership goals to help the UAE’s place as a world chief in digital finance. Nevertheless, challenges akin to the shortage of standardized accounting for digital belongings and the necessity for sturdy cybersecurity had been highlighted.
CBDCs May Doubtlessly Rework Banking
The Institute of Chartered Accountants in England and Wales (ICAEW) partnered with the United Arab Emirates (UAE) Banks Federation to assist firms navigate the digital asset panorama. The collaboration comes because the UAE’s central financial institution digital forex (CBDC) reaches a complicated pilot section.
ICAEW Center East head Hanadi Khalife mentioned the partnership affirms the UAE’s management in CBDC adoption.
“The UAE is setting a world normal with its proactive adoption of CBDCs. Our partnership with the UAE Banks Federation is testomony to our dedication to guiding this transformation. Accountants play an important position in making certain organisational compliance and success on this new digital period,” Khalife acknowledged.
A digital occasion previous the ICAEW and UAE Banks Federation announcement reportedly highlighted the potential of CBDCs to remodel banking operations and emphasised the inevitability of monetary digitization.
UAE Banks Federation Director Common Jamal Saleh, additionally a panellist, mentioned the UAE is making progress in CBDCs and synthetic intelligence (AI). Nevertheless, he warned that embracing digital belongings requires sturdy cybersecurity and interdepartmental collaboration. He added:
By means of joint efforts, akin to our work with ICAEW, and fixed upskilling, firms can obtain safe and compliant integration of digital belongings.
In the meantime, panelists additionally mentioned the absence of a standardized accounting framework for digital belongings and its impression on investor confidence. They urged organizations to develop sturdy accounting practices and set up clear frameworks.