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UAE looking toward Crypto for its future trade

UAE looking toward Crypto for its future trade 2

Thani Al-Zeyoudi said that they are focusing on Crypto & blockchain adoption to make the UAE a hub of digital innovations. 

On 20 Jan 2023, Thani Al-Zeyoudi, the minister of state for foreign trade in UAE, spoke with Bloomberg in Davos Switzerland, where the World Economic Forum’s annual meeting is taking place. 

The UAE minister said that they are trying to drag some other currencies into the trade and for this, they are also considering adopting Cryptocurrencies.

He said:

“Crypto will play a major role in UAE trade going forward. The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”

Thani also said that the country is continuously working to enhance the potential of its regulatory framework to regulate the crypto & blockchain industry. With all such regulatory regime development work, the country is attracting crypto companies to help UAE to become a Crypto hub.

UAE trade minister noted that the country’s efforts can be seen in the current improvement in this field. 

Earlier this, Omar Sultan Al Olama, the UAE’s minister of state for artificial intelligence, talked about the Crypto adoption efforts of the country and noted that such efforts will remain active despite the downfall of several big crypto companies. 

He also confirmed that all the UAE Government agencies will work together to fight against the Crypto linked illegal activities. 

Around less than a week ago, UAE Cabinet released a mandatory regulation system on the Crypto services provider companies. 

These government-level official activities in UAE are showing that UAE is moving toward a better level of crypto adoption with the pre-caution to save the investors from any kind of big Crypto fraud like FTX bankruptcy.

Read also: Since Feb 2023 Binance customers may face issues with on and off-ramp bank payment transfers

UAE looking toward Crypto for its future trade



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