“Crypto will play a ‘major role’ for UAE trade going forward,” UAE Foreign Trade Minister Thani Al-Zeyoudi said.
Speaking to Bloomberg on Jan. 20 in Davos, Switzerland This is where world leaders are meeting for the World Economic Forum 2023 — Al-Zeyoudi. have givenLots of updates on UAE trade cooperation and policies towards 2023.
The minister stated that “Crypto will play an important role for UAE trade in the future,” while he concluded that “The most important thing is that we guarantee global regulation when it comes to cryptocurrencies and crypto companies.”
Al-Zeyoudi suggested that while the UAE operates in a crypto regulatory regime, there will be a focus on making the country central with crypto-friendly policies that provide ample protection:
“We started to attract some companies into the country. With the aim that we will build a system of governance and a legal system together. which is necessary.”
The comments from Al-Zeyoudi come just a week after the UAE’s cabinet introduced new regulations. This ensures that entities engaged in Crypto activities obtain licenses and approvals from the Virtual Asset Regulatory Authority (VARA).
If companies not follow They will be fined up to $2.7 million under the new law. which such movements have added The “Guidelines” for the regulation and supervision of digital assets were published by the Financial Conduct Authority of Abu Dhabi’s Global Market Free Economic Zone in September.
The principles outline a crypto-friendly stance while pledging to comply with international standards for anti-money laundering (AML), counter-terrorist financing (CFT), and counter-terrorist financing (CFT). financial boycott
Omar Sultan Al Olama, Minister of AI and Digital Economy of the United Arab Emirates also appeared at the World Economic Forum stating that while the collapse of FTX is a major concern, the UAE still wants to be a crypto hub.
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