According to recent reports, UAE’s minister of foreign trade, Thani Al-Zeyoudi, said that crypto would play a major role in the UAE’s global trade. On Jan 20, 2023, while talking with Bloomberg about this topic at the World Economic Forum 2023 held in Davos, Switzerland, he provided various updates regarding the UAE’s trade partnerships and policies heading into 2023.
UAE’s foreign trade minister on crypto
While talking about the crypto sector, UAE’s foreign trade minister said that crypto would play a major role in UAE trade. He outlined that the most important thing is that they ensure global governance regarding cryptocurrencies and crypto companies.
Al-Zeyoudi suggested that as UAE works hard on its crypto regulatory regime, the focus will be making the Gulf country a hub with crypto-friendly policies that also have sufficient protections. He added that they had started attracting several companies to the country with the aim that they would build together the right governance and legal system for crypto as required.
The comments from the UAE’s foreign trade minister, Thani Al-Zeyoudi, came a week after the UAE Cabinet introduced new regulations which essentially ensure the entities engaging in crypto activities must secure a license and approval from VARA. However, if the company fails to do so, it will face fines of upto 2.7 million USD under the new law.
Omar Sultan noted UAE still wants to be a hub despite the ordeal
At the World Economic Forum 2023, UAE’s minister of foreign trade, Thani Al-Zeyoudi, said that crypto would play a major role in the UAE’s global trade. The conference was also attended by Omar Sultan Al Olama, UAE’s minister for artificial intelligence and digital economy. He noted that while the FTX debacle was a major concern, the UAE still wants to become a hub despite the ordeal. He added that crypto companies calling UAE home are positive for them.
The minister also distances the UAE from assertions that its citizens like Dubai tend to become key spots for disgraced crypto figures to flee to, arguing that bad figures don’t have a nationality nor a destination. He also stressed that governments need to work together to stop bad actors from going awol overseas.
What are your thoughts about Thani Al-Zeyoudi’s statement that crypto will play a major role in UAE’s global trade? Do you think UAE can become a crypto hub and a home for crypto companies? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.