UAE sees cryptos as crucial for building the future

More and more global leaders are closely watching the development of digital currencies.  Recently, Thani Al Zeyoudi, the Minister of Foreign Trade of the United Arab Emirates, showed very positive opinions about the crypto industry and about how this sector is seen as important in the development of the country.

During an interview in Davos, Switzerland, the minister stated, “Cryptocurrencies will play an important role in UAE trade going forward.”

According to him, the local government is seeking to attract companies in the sector to the region.  The main initial objective is to ensure global governance when it comes to cryptocurrencies and cryptocurrency companies.

“We started attracting some of the companies to the country with the aim of building together the proper, necessary governance and legal system,” said Thani Al Zeyoudi.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications of the Emirates, also spoke about cryptocurrency regulation during a session of the World Economic Forum entitled “Finding the Right Balance for Cryptocurrencies”.

The head of the regulatory authority stated that so far no cryptocurrency exchange has been able to obtain a license in the UAE, emphasizing that the regulatory frameworks for cryptocurrencies in the region “are not light”.

The Dubai Virtual Assets Regulatory Authority (VARA), established in March 2022, also states on its website that it has not granted any operational licenses to date.

According to the 2022 “Digital Lifestyle” report published by the UAE Telecommunications and Digital Government Regulatory Authority (TDRA), around 11.4% of UAE residents own or have invested in cryptocurrencies.