The United Arab Emirates (UAE) minister of state for foreign trade says that cryptocurrency “will play a major role for UAE trade going forward.”
He emphasized: “The most important thing is that we ensure global governance when it comes to cryptocurrency and crypto companies.”
cryptocurrency is going to play a crucial role in the UAE
UAE Minister of State for Foreign Trade Thani Al Zeyoudi commented about cryptocurrency Friday during an interview with Bloomberg in Davos, Switzerland.
He shared that UAE is working in the area of cryptocurrencies.
“The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies,” Al Zeyoudi explained.
“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,” the official noted.
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Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, also spoke about cryptocurrency guidelines last week in a World Economic Forum session titled “Finding the right balance for crypto” in Davos. He confirmed that no crypto exchanges have been licensed in the UAE, emphasizing that the regulatory frameworks for cryptocurrencies in the UAE are “not light.”
The minister confirmed: UAE has not issued a single licensed crypto exchange in UAE, either Binance or FTX … no one was able to onboard any customers even last week.
The Dubai Virtual Assets Regulatory Authority (VARA), established in March, also states on its website that it has not granted any operating license to date.
VARA is accountable for licensing and regulating the crypto sector in the Emirate of Dubai and its free zone territories (excluding DIFC) under UAE law.
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However, a number of cryptocurrency exchanges — including Binance, FTX, Okx, Bitoasis, and Coinmena — have received a provisional license from VARA. The regulator recently elucidated that these crypto trading platforms are in stage one of a four-stage approval process.
According to the “Digital Lifestyle” 2022 report published by the United Arab Emirates Telecommunications and Digital Government Regulatory Authority (TDRA), about 11.4% of UAE residents own or have invested in cryptocurrencies.
