2023-01-22 12:00:00

Cryptocurrency to Play “Significant Role” in UAE Commerce, says Foreign Trade Minister

The UAE’s minister of state for international trade remarked that the country has drawn a lot of expertise from the cryptocurrency industry and must now implement the right regulations to promote continued growth.

 

According to the United Arab Emirates’ minister of state for foreign trade, cryptocurrency will soon play a “significant role” in the country’s international trade.

 

The minister stated about the cryptocurrency industry, stating that “crypto will play a vital role for UAE commerce moving forward. “When it comes to cryptocurrencies and crypto firms, global governance is the most crucial element.”

 

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.

 

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.

 

The UAE’s minister of state for artificial intelligence and the digital economy took part in a panel discussion on cryptocurrencies on January 19 at the World Economic Forum.

 

Al Olama pointed out that despite the fact that the FTX fiasco was a severe issue, the UAE still desired to be a hub.

 

The minister denied claims that the UAE’s cities, like Dubai, frequently serve as essential escape routes for disgraced crypto personalities, saying that “bad actors don’t have a nationality and don’t have a destination.”

 

However, he emphasized the necessity for cooperation between states to dissuade bad actors from fleeing to foreign shores.

 

According to the minister, “They are there everywhere. You’ll see them in the Bahamas, New York, and London, and what we as governments need to do is collaborate with the business community to make sure that if someone does something wrong, he can’t migrate from one area to another. “

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