The Arab Emirates Minister Of State For Foreign Trade, Thani Al Zeyoudi, recently stated that cryptocurrency has the potential to become a major part of UAE commerce in the future.
Cryptocurrencies Could Become Key Part of UAE Trade
The Arab Emirates Minister Of State For Foreign Trade Thani Al Zeyoudi made comments on the potential of cryptocurrencies in this regard during a recent interview with Bloomberg while attending the World Economic Forum in Davos, Switzerland.
He highlighted his country’s desire to grow its cryptocurrency industry, adding:
Crypto will be a significant focus in the UAE’s future commerce.
“The most important thing is that we ensure global governance when it comes to cryptocurrencies and cryptocurrency companies,” Al Zeyoudi explained.
“We have been working to bring some of the firms to the nation with the aim of establishing the right governance and legal system that are necessary,” he elaborated.
Omar Sultan Al Olama, UAE Minister Of State For Artificial Intelligence, Digital Economy and Remote Work Applications, also spoke about regulation of cryptocurrency at the Davos event. He made it clear that no crypto exchanges are licensed in the UAE, despite the fact that the regulatory framework in the country concerning cryptocurrencies is “not light.” The Minister said:
No crypto exchange has been given an official license in the UAE. Not even Binance or FTX are currently permitted to take on customers.
The Dubai Virtual Assets Regulatory Authority (VARA), founded in March, has stated that it has not issued any operational permits yet. VARA is responsible for the licensing and regulation of the crypto industry in the Emirate of Dubai and its free zones (not including the DIFC).
However, multiple cryptocurrency exchanges offer their services, including Binance, FTX, OKEx, Bitoasis and CoinMena. VARA has granted provisional licenses to some of these platforms, but clarified that they are still in the first stage of the four-stage approval process.
According to a report from the Telecommunications Regulatory Authority (TDRA) titled “Digital Lifestyle”, released earlier this year, around 11.4% of UAE citizens are either investors in cryptocurrencies or own them.
Do you agree with the UAE Minister Of State For Foreign Trade Thani Al Zeyoudi that cryptocurrencies could play a crucial role in the country’s trade? Let us know what you think in the comments section.
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