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The UAE Minister of Foreign Trade praises cryptocurrencies and sees them as a major role in global trade

The UAE Minister of Foreign Trade praises cryptocurrencies and sees them as a major role in global trade

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Answer The UAE Minister of Foreign Trade praises cryptocurrencies and sees them as a major role in global trade

Dr. Thani Ahmed Al-Zeyoudi, Minister of Foreign Trade of the United Arab Emirates, expected that cryptocurrencies would play an important role in the country’s participation in global trade in the future.

Al-Zeyoudi provided a number of updates and figures regarding the partnerships and trade policies of the United Arab Emirates during an interview with Bloomberg that took place on January 20 in Davos, Switzerland, which is the place where world leaders are currently meeting in 2023.

In his remarks regarding the cryptocurrency industry, the minister told:

Digital currencies will play a major role in advancing Emirati trade.

Read:The Finnish Customs Agency owns $15 million worth of Bitcoin

The most important thing is that we are establishing global regulations when it comes to cryptocurrency and crypto companies.

Al-Zeyoudi went on to explain that while the UAE works on its own regulatory regime for cryptocurrencies, the focus will be on making the Gulf country a hub for crypto-friendly policies.

added:

We started to attract some companies to the country with the aim of building together the right governance and the required legal system.

Al-Zeyoudi’s comments come less than a week after the UAE Cabinet adopted a new regulation which in essence ensures that entities that engage in crypto activities must obtain a license and approval from the Virtual Assets Regulatory Authority.

Al-Zeyoudi’s remarks come as a result of recent developments in the cryptocurrency market (VARA).

Under the provisions of the new legislation, companies that fail to comply risk being subject to penalties of up to $2.7 million.

The measure adds to the Guidelines for the Regulation and Supervision of Digital Assets released in September by the financial regulator of the Abu Dhabi Global Market Free Economic Zone.

Read:Binance clarifies its position on the tax burning mechanism of “LUNC” and “USTC”

Additionally, Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence and Digital Economy, participated in a panel discussion at the World Economic Forum on January 19 that focused on cryptocurrencies.

Omar explained that while the FTX scandal was an important cause for concern, the United Arab Emirates (UAE) still intended to act as a hub despite all that had happened.

According to him, the fact that crypto companies are choosing the UAE as their home is undoubtedly a good thing.

He also stressed that governments need to cooperate in order to prevent fraudulent actors from fleeing the country.

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