Thani Al-Zeyoudi, the UAE foreign trade minister while speaking to Bloomberg at a recent World Economic Forum in Switzerland, confirmed that crypto will play a “major role” in UAE trade.
While speaking about the crypto sector, the minister said;
“Crypto will play a major role for UAE trade going forward,” as he outlined that “the most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”
He however furthered that as the Emirates works on its crypto regulation, the focus will be on making the countries in its region a crypto hub through crypto-friendly policies with adequate protections in place.
“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 to the above, the minister also commented on the assertions that UAE cities like Dubai will be the sitting ground for failed crypto exchanges, which according to him, “bad actors don’t have a nationality and don’t have a destination.”
The al-Zeyoudi statements came a few days following the introduction of new regulatory requirements by the UAE cabinets that will henceforth require crypto firms seeking to be operating in the country be licensed and approved by the regulatory body of the country Virtual Asset Regulatory Authority (VARA) before they are permitted in UAE.
Crypto firms that fail to adhere to the requirements will be fined $2.7 million, as stated by the new regulation.
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