UAE Minister Affirms That Crypto Will Play A Major Role For Trade In Region• January 22, 2023 6:11 pm • Comments
The city of Dubai and the rest of UAE has already built a worldwide reputation that it is a pro-crypto environment which has attracted many crypto investors all around the world.
At the recent meeting at Davos 2023, Thani Al-Zeyoudi, the prime minister of UAE, stated that the UAE has been looking at potentially using cryptocurrencies as a way to conduct trade in the future.
This is quite a huge announcement as it gives incredible credibility to the crypto industry and helps push an agenda for global governance regarding crypto.
If the UAE starts to use crypto for international trade, it will likely entice many other countries that it trades with to also utilize crypto for trade and will likely help establish a global crypto trade network.
Based on the recent regulatory reforms in the UAE, it is clear that the country is focused on creating a regulatory environment that is favorable towards this initiative.
— Crypto News Live Update (@CryptoNewsLiveU) January 22, 2023
Al-Zeyoudi added that the UAE continues to work on its crypto regulatory regime. He said the focus will be on making the Gulf country a major hub with crypto-friendly policies that also have sufficient protections in place. He noted that the country has already seen some improvement in this field.
“We started attracting some of the companies to the country with the aim that we’ll build together the right governance and legal system, which are needed.”
The comments from Al-Zeyoudi come just a day after Omar Sultan Al Olama, the UAE’s minister of state for artificial intelligence, said that the nation remains committed to its goal of becoming the world’s cryptocurrency hub regardless of the recent incidents plaguing the crypto market, including the unprecedented collapse of FTX.
Based on all the innovative change that is happening within the country, many investors are also taking note of crypto firms and exchanges moving to the country.
With that being said, the prime minister also took some time to address some of the common concerns that people had regarding crypto.
One of the main things that is mentioned is that crypto havens will become a place for criminals to commit crime.
However, he stated that such things will happen regardless no matter what currency is used and the best thing we can do is to have governments around the world collaborate with each other within the crypto industry in order to help fight crime.
Banning crypto and the innovative technology benefits that it provides is likely not the best answer or solution to the problem.
Some weekend reading until I’m back📖
For what it’s worth, this is kind of a big deal…https://t.co/RUwv7jUNsU
— JT ✝️ (@JTheretohelp1) January 21, 2023
The principles outline a friendly stance towards crypto while also pledging to comply with international standards in Anti-Money Laundering (AML), combating the financing of terrorism (CFT) and supporting financial sanctions.
The UAE’s minister of state for artificial intelligence and the digital economy, Omar Sultan Al Olama also appeared at the World Economic Forum as part of a crypto-focused panel on Jan. 19.
Al Olama noted that while the FTX debacle was 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.
The UAE Minister of Foreign Trade Thani Al Zayoudi, has stated that crypto will play a major role in the UAE’s global trade
We started attracting some of the companies to the country with the aim that we’ll build together the right governance and legal system, which are needed pic.twitter.com/kRMjP5NtqV
— Brzee (@NFT336699) January 22, 2023
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