2023-01-21 09:00:00

A “Significant Role” For Cryptocurrency In Uae Commerce: Foreign Trade

Thani Al-Zeyoudi, the UAE’s minister of international trade, remarked that the country has drawn a lot of expertise from the cryptocurrency industry and must now implement the proper regulations to promote continued growth.


According to Thani Al-Zeyoudi, the UAE’s minister of state for foreign trade, cryptocurrencies will go on to play a “significant role” in the worldwide marketing of the United Arab Emirates.


Al-Zeyoudi presented several updates on the UAE’s trade partnerships and policies going into 2023 in an interview with Bloomberg on January 20 in Davos, Switzerland, where world leaders are assembled for the 2023 World Economic Forum.


Announcing that “crypto will play a big role for UAE trade moving future,” the minister said in a statement on the industry. He added, “the most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto enterprises.”


Al-Zeyoudi continued, “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,” suggesting that as the UAE develops its regulatory framework for cryptocurrencies, the emphasis will be on turning the Gulf nation into a hub with crypto-friendly policies and adequate protections.


Al-remarks Zeyoudi follows the UAE Cabinet’s introduction of new regulations just one week ago, which essentially require organizations engaging in cryptocurrency activities to obtain a license and approval from the Virtual Asset Regulatory Authority (VARA).


Companies that don’t comply with the new regulation risk fines of up to $2.7 million. The action supplements the “Guiding Principles” for regulatory and oversight of digital assets released in September by the financial watchdog of the free economic zone in Abu Dhabi’s Global Market.


The principles set forth a welcoming posture toward cryptocurrencies while also promising to follow international guidelines for fighting money laundering and terrorist funding and supporting financial penalties.


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