The UAE Minister of Foreign Trade, Thani Al-Zeyoudi, said that cryptocurrencies will play a major role in the global trade movement of the United Arab Emirates and push it forward.
Al-Zeyoudi added to Bloomberg: The most important thing for us is that we ensure global governance when it comes to cryptocurrencies and crypto companies.
Al-Zeyoudi indicated that the focus will be on making the Gulf country a hub that enjoys cryptocurrency-friendly policies and adequate protections, while the UAE works to develop its regulatory framework for cryptocurrencies.
He continued: We have started to attract some companies to the country so that together we can build the correct and necessary governance and legal system.
Al-Zeyoudi’s comments come just a week after the UAE Cabinet introduced new regulations that essentially affirm that entities involved in any activity related to the world of cryptocurrencies must obtain a license and approval from the Virtual Asset Regulatory Authority (VARA).
The UAE Minister of Artificial Intelligence and Digital Economy, Omar bin Sultan Al Olama, appeared at the 2023 World Economic Forum, which was held recently in Davos, Switzerland, and said that crypto companies calling the UAE home is definitely a positive thing.
The minister also dismissed rumors that cities like Dubai tend to become major escape points for disgraced figures in the cryptocurrency world, arguing that bad actors have no nationality and no destination.
