The United Arab Emirates (UAE) Minister of State for Foreign Trade said cryptocurrencies “will play a major role in UAE trade in the future.” He emphasized that “the UAE has a lot to offer to the world.” Most importantly, we must ensure global governance with regard to cryptocurrencies and crypto companies.”
Crypto to play a major role in the UAE
United Arab Emirates Trade Minister Thani Al Zeyoudi spoke about cryptocurrencies in an interview with Bloomberg in Davos, Switzerland, on Friday.
He shared that one area the UAE is looking to expand is cryptocurrencies, adding.
Crypto will play a major role in UAE trade in the future.
“The most important thing is to ensure global governance with regard to cryptocurrencies and crypto companies.” Al Zeyoudi explained.
“We have started to attract some companies to the country with the aim of building together the right governance and legal systems that are needed.” The official noted.
Omar Sultan Al Olama, UAE Minister of Artificial Intelligence, Digital Economy, and Remote Work Applications, also spoke last week at the World Economic Forum session in Davos, “Finding the right balance for crypto,” on cryptocurrency regulation He spoke on the topic of cryptocurrency regulation. He confirmed that crypto exchanges are not licensed in the UAE and stressed that the regulatory framework for cryptocurrencies in the UAE is “not light.” The minister stated that.
The UAE has not issued a single licensed crypto exchange in the UAE, neither Binance nor FTX… Even last week, no one could get clients on board.
The Dubai Virtual Assets Regulatory Authority (VARA), established in March, has also not granted any operating licenses to date, according to its website.VARA is responsible under UAE law for the crypto sector in the Emirate of Dubai and its free zone territory (excluding DIFC). It is responsible for licensing and regulation.
However, a number of cryptocurrency exchanges have obtained provisional licenses from VARA, including Binance, FTX, Okx, Bitoasis, and Coinmena. Regulators recently revealed that these crypto trading platforms are in the first stage of a four-step approval process.
According to the “Digital Lifestyle” 2022 report issued by the United Arab Emirates Telecommunications and Digital Government Regulatory Authority (TDRA), approximately 11.4% of UAE residents own or invest in cryptocurrencies.
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