Thani Al-Zeyoudi, the United Arab Emirate minister of state for foreign trade, while speaking to Bloomberg at the world economic forum summit, hinted at the country’s plans to make crypto a critical part of its economic development. However, he noted that the UAE would subsequently come up with proper regulations to guide the use of crypto.
The minister provided essential updates on the UAE’s trade partnerships and policies that it expects will boost non-oil trade in rupees and the economy of the gulf country.
According to the minister, crypto will play a significant role in UAE going forward, and the Gulf country will provide the regulatory framework for a crypto-friendly economy.
Recently, the UAE cabinet introduced a licensing regime via the Virtual Asset Regulatory Authority (VARA) to guide the activities of all crypto-related entities operating in the UAE. VARA complements the existing Guiding Principles” for digital asset regulation and supervision that Abu Dhabi’s foremost financial regulator earlier released.
On UAE allegedly harboring crypto fugitives
Omar Sultan Al Olama, the UAE minister of state for artificial Intelligence and digital economy, while justifying UAE’s plans for crypto at the world economic forum, decried the drawbacks of the FTX debacle.
The minister also denied claims that the UAE’s cities, such as Dubai, were popular destinations for disgraced crypto personalities. Instead, he reiterated the country’s commitment to stopping bad actors and ensuring that its crypto plans comply with all international Anti-Money Laundering (AML) rules and standards.
The UAE has been embracing crypto
A May 6, 2022 report revealed that the duo of Dubai and Abu Dhabi were all out to clinch the title of “top crypto capital.” Popular exchanges like Binance, Kraken, and the defunct FTX are allegedly making expansive moves into these economies.
While mulling the possibility of launching a UAE digital currency (CBDC), the UAE Ministry of Economy on Sep. 29 unveiled the launch of the address of its new metaverse office. The office will operate as the digital twin of the physical branch and for hosting meetings and signing contracts using avatars.
As part of the National Program for Coders initiatives, the UAE Ministry of Artificial Intelligence, Digital Economy and Remote Work Applications office, On Dec. 27, partnered with blockchain analytics firm Chainalysis to set up the first virtual training program for directors and staff of Abu Dhabi Commercial Bank (ADCB).