UAE Promises Enhances Role Of The Crypto Industry In 2023

Key Points:

• Thani Al-Zeyoudi, 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.
• The minister predicted that the cryptocurrency market would have a significant impact on future UAE commerce while speaking about it.

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

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

As he said that the essential thing is to maintain global governance when it comes to cryptocurrencies and crypto enterprises, the minister said in reference to the cryptocurrency industry that crypto will play a big role in UAE commerce moving the future.

Al-Zeyoudi continued by saying that as the UAE develops its cryptocurrency regulatory framework, the emphasis will be on turning the Gulf nation into a hub with crypto-friendly regulations and enough safeguards in place:

“The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies. 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,” Al-Zeyoudi said.

In order to deepen ties with its second-largest trading partner, India, the United Arab Emirates is examining methods to increase non-oil trade in rupees.

Al-declaration Zeyoudi’s is similar to Saudi Arabia’s neighbor. Mohammed Al-Jadaan, the Saudi finance minister, stated earlier this week that the country is open to talking about trading in currencies other than the US dollar.

Some of the largest economies in the world are looking at methods to avoid the US currency due to the dollar’s strength in the first half of last year and its use as a tool to enforce sanctions against Russia. China has worked to increase the usage of the yuan in transactions with significant exporters of energy and commodities in an effort to increase the yuan’s global appeal.

The Virtual Asset Regulatory Authority (VARA) must provide companies operating in cryptocurrency activities a license and permission, according to new regulations announced by the UAE Cabinet last week.

The principles set forth a welcoming posture towards cryptocurrencies while also promising to follow international guidelines for fighting money laundering and terrorist funding and supporting financial penalties. This, along with Al-Zeyoudi’s statements, shows that the UAE is working hard to develop the crypto industry in the country.

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Harold

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