Thani Al-Zeyoudi, the foreign trade minister of state in UAE, has stated that crypto can play a significant role in leveling up the worldwide trade of the United Arab Emirates. While talking to Bloomberg in Davos Switzerland, he provided his opinion on the matter. The leaders from across the world are presently gathered in Switzerland at the 2023 World Economic Forum.
Foreign Trade Minister of UAE Says Crypto Can Take Country’s Trade to New Heights
Al-Zeyoudi offered substantial updates dealing with the trade policies and collaborations to be carried out in the current year. While offering his opinion on the world of crypto, the minister was of the view that the promising asset class will play an important role in the trade sector of the UAE to push it forward. Al-Zeyoudi disclosed that a crucial thing in this respect is that they guarantee worldwide governance in the case of crypto and crypto firms.
The minister also revealed that the country is operating on its regulatory regime related to cryptocurrency. As per him, the UAE’s focus will be on turning the Gulf nation into a center of crypto-friendly policies. He mentioned that the respective policies will provide substantial protection to the consumers within the jurisdiction. Al-Zeyoudi commented that they have begun grasping the attention of the firms toward the country.
In Al-Zeyoudi’s words, the purpose of doing this is to establish effective governance as well as efficient legislation to meet the requirements. The remarks made by the minister are witnessed only a week following the issuance of an exclusive regulation by the UAE Cabinet. This fundamentally guarantees that entities involved in crypto-related operations require obtaining a license as well as authorization from the Virtual Asset Regulatory Authority (VARA).
If the crypt-linked institutions remain unsuccessful in fulfilling the regulatory requirements, they will be subject to recompensing fines. The fines may equal $2.7 million worth in line with the latest legislation. The latest move improves the “Guiding Principles” related to the supervision and regulation of digital assets. The financial regulatory agency of the Global Market free monetary region of Abu Dhabi published the respective principles in September.
The aforementioned principles offer an outline of a friendly stance regarding crypto assets while additionally promising to abide by the worldwide standards related to AML and Combating CFT. Omar Sultan Al Olama (the UAE’s state minister for the digital economy and artificial intelligence) also came to the WEF.
He participated in the crypto-centered panel of the event on the 19th of January. Al Olama indicated that while the FTX fiasco was a serious concern, the country intends to turn into a hub notwithstanding the entire downturn caused by the crypto exchange. He moved on to say that the entities related to the crypto space are categorizing the UAE as home. This, according to him, is a beneficial thing for the country.
UAE Minister Stresses Taking Measures to Stop Bad Actors from Leaving Jurisdictions
The minister additionally clarified that the UAE’s Dubai and other such cities will not tolerate any notorious figures related to the crypto sector. As he puts it, the malicious actors do not have any nationality thus they cannot find a destination. Nonetheless, he emphasized that authorities around the world require operating on measures to halt malicious actors from leaving their jurisdictions.