Crypto Has a Major Role in UAE’s Global Trade; Says Al-Zeyoudi

At the World Economic Forum’s (WEF) annual summit at Davos, Switzerland, Thani Al-Zeyoudi, the UAE’s Minister of State for Foreign Trade declared that crypto would have a crucial role in UAE’s global trade.

Notably, Al-Zeyoudi stated that UAE seeks to have significant regulations on crypto to promote further growth in the already flourishing crypto industry.

Further, the minister told that the Emirates would ensure global governance of crypto:

Crypto will play a major role for UAE trade going forward…The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.

The previous week, Sheikh Mohammed bin Rashid Al Maktoum, the Prime Minister and ruler of the United Arab Emirates, announced that the country has created a new law regarding crypto ensuring “much warranted international standards for crypto governance”.

Following the announcement, Al-Zeyoudi reiterated that the Emirates have implemented crypto regulations with an intention to transform the Gulf country into a fully established crypto hub, with crypto-friendly policies:

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.

In addition, the UAE’s Minister of State for Artificial Intelligence and the Digital Economy, Omar Sultan Al Olama, who partook in the WEF annual summit on January 19, told that the fall of the crypto firm FTX has been a major concern.

However, he added that the UAE still aspires to become a crypto hub, commenting that the crypto companies “calling the UAE home is definitely a positive thing”.

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