Cryptocurrencies to play ‘important role’ in UAE trade: Minister of Foreign Trade

Thani Al-Zeyoudi, UAE Minister of State for Foreign Trade, said cryptocurrencies will play an “important role” in global trade moving forward in the United Arab Emirates.

Interview with Bloomberg in Davos, Switzerland, Jan. 20 – where world leaders are currently gathering World Economic Forum 2023 — Arzeyudi if A series of updates on the UAE’s trade partnerships and policies for 2023.

Commenting on the crypto industry, the minister said, “Cryptocurrencies will play an important role in future UAE trade,” outlining, “Above all, we ensure global governance in terms of cryptocurrencies and crypto companies.”

Al-Zeyoudi went on to suggest that as the UAE works on its cryptocurrency regulatory regime, the focus will be on using hub of gulf countries Encryption-friendly policies also have adequate safeguards:

“We started attracting some companies to the country with the aim of building together the right governance and legal system that is needed.”

Al-Zeyoudi’s comments come a week after the UAE cabinet introduced new regulations that essentially ensure that entities engaging in crypto activities must be licensed and approved Virtual Asset Regulator (yes).

If companies don’t, they face fines of up to $2.7 million under the new law. The move adds “guiding principles” Digital Asset Supervision Released in September by the financial regulator of the Abu Dhabi Global Market Free Economic Zone.

The principles outline a friendly stance towards cryptocurrencies, while also committing to comply with international standards on anti-money laundering (AML), combating the financing of terrorism (CFT) and supporting financial sanctions.

Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence and Digital Economy Debut at the World Economic Forum Be part of a cryptocurrency-focused panel on January 19th.

Al Orama famous Although the debacle of FTX is a major concern, the UAE still wants to be a hub despite the whole ordeal.

“them [crypto companies] Calling the UAE home is definitely a positive thing,” he said.

related: Abu Dhabi-Based Venom Foundation Launches $1 Billion Fund for Web3 and Blockchain

The minister also distanced himself from the UAE’s assertion that cities such as Dubai have often been prime destinations for disgraced crypto figures to flee, arguing that “the bad guys have no nationality and no destination.”

But he did stress that governments do need to work together to stop bad actors from leaving the country without authorization.

“You’re going to see them everywhere. You’re going to see them in the Bahamas, you’re going to see them in New York, you’re going to see them in London, what we need to do as a government is work with industry to make sure that if someone does something wrong, he can’t Move from one place to another,” he said.