Future UAE Trade Will “Play a Major Role” for Crypto, Minister Declares

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The minister of state for foreign trade of the United Arab Emirates (UAE) claims that cryptocurrencies “will play a vital role for UAE trade going future.” He emphasized: “When it comes to cryptocurrencies and crypto firms, we must establish global governance.”

A Significant Role for Crypto in the UAE

Thani Al Zeyoudi, the minister of state for foreign trade of the United Arab Emirates, discussed cryptocurrencies in a Friday Davos, Switzerland, interview with Bloomberg.

He stated that the UAE is trying to expand in several areas, including cryptocurrency, and added:

Future UAE trade will rely heavily on cryptocurrency.

Al Zeyoudi stated, “The most crucial thing is that we ensure global governance when it comes to cryptocurrencies and crypto firms.

The official stated, “We started luring some of the corporations to the country with the hope that we’ll jointly develop the proper governance and legal system, which are essential.”

The UAE’s Minister of State for Artificial Intelligence, the Digital Economy, and Remote Work Applications, Omar Sultan Al Olama, spoke last week in Davos at a World Economic Forum session titled “Finding the right balance for crypto” regarding cryptocurrency regulation. He emphasized that the regulatory frameworks for cryptocurrencies in the UAE are “not light” and stated that no cryptocurrency exchanges have received licenses there. Minister’s words:

Neither Binance nor FTX have been granted a single license to operate a cryptocurrency exchange in the UAE. Even last week, nobody was able to onboard any consumers.

The March-founded Dubai Virtual Assets Regulatory Authority (VARA) notes on its website that it hasn’t yet issued any operating permits. According to UAE law, VARA is in charge of licensing and policing the cryptocurrency industry in the Emirate of Dubai and its free zone regions (apart from DIFC).

However, the VARA has granted provisional licenses to a number of cryptocurrency exchanges, including Binance, FTX, Okx, Bitoasis, and Coinmena. These cryptocurrency trading platforms are currently in stage one of a four-step approval process, the regulator recently explained.

About 11.4% of UAE inhabitants own or have invested in cryptocurrencies, according to the “Digital Lifestyle” 2022 report released by the United Arab Emirates Telecommunications and Digital Government Regulatory Authority (TDRA).

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