The Minister of Foreign Trade of the UAE, Thani Al Zoudi, believes that crypto will play a “significant role” in advancing the UAE’s global trade.
According to Wallex and quoted by Coin Telegraph, Ziodi sat down to talk with Bloomberg magazine on the sidelines of the World Economic Forum in Davos.
Regarding the digital currency market and the general role of this industry, he said:
Digital currencies will play an important role in UAE business in the future.
According to Al-Zyoudi, the most important step is that “digital currencies and companies active in this field are under the supervision of global governance”.
Al-Zyoudi further added that at the same time as the UAE is working on its cryptocurrency regulatory regime, its focus is on turning this Persian Gulf country into a pole with crypto-friendly policies that also has sufficient legal and regulatory support. He said about this:
We have started to attract some companies to the UAE to help establish the proper governance and legal system that is needed.
Al Zoudi’s comments came just a week after the UAE Cabinet introduced new regulations that would require entities engaged in cryptocurrency-related activities to obtain a license and approval from the Virtual Asset Regulatory Authority (VARA).
If companies fail to do so, they will face fines of up to $2.7 million under the new law. The new procedure is in addition to the previous “Guidelines” for the regulation and supervision of digital assets, which were previously published by the financial regulator of the Abu Dhabi Global Market Free Zone in September.
These principles take a friendly stance towards digital currencies, while at the same time committing to complying with international standards in the field of anti-money laundering (AML), combating the financing of terrorism (CFT) and supporting financial sanctions.
Omar Sultan Al Ulama, the UAE Minister of State for Artificial Intelligence and Digital Economy, also appeared as part of the speakers at a session focused on digital currencies on January 19 at the World Economic Forum. Al Ulama noted that while the collapse of the FTX exchange was a big concern, the UAE still wants to become a major crypto powerhouse despite all the issues.
He added:
this [شرکتهای کریپتویی] They consider the United Arab Emirates as their home, this is undoubtedly a positive thing.
However, he emphasized that governments must work together to prevent bad actors from moving abroad. He stated in this regard:
You will see them everywhere. You’ll see them in the Bahamas, you’ll see them in New York and London, and what we have to do as a government is to work with each other and the industry to make sure that if someone does something wrong, they can’t do it. repeat in another place.
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