Crypto will ‘play a major role’ in UAE business, says minister

Thani Al Zeyoudi, United Arab Emirates’ Minister of State for Foreign Trade, talks about cryptocurrencies during a press conference with Bloomberg in Davos, Switzerland, on Friday. He explains in detail that the UAE wants to expand the sector, its name is cryptocurrency and its technology. The minister further adds that crypto currency is the only thing which will play a major role in furthering the business in our country and along with that it will open up new opportunities in front of us.
Al Zayoudi points out that the most important thing when we talk about cryptocurrencies and gift companies is that we want a global governance system to work and design everything accordingly. Officials say that we have started attracting some companies from the country with the aim that together we will build the sector with the right governance and the right law control system and under that we will create a law system whose importance is complete. necessarily required. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Economy and Remote Work Applications of the United States of Emirates, spoke about cryptocurrency regulation in Davos last week, as well as at the Global Economic Forum session on “Finding the Right Balance for Cryptocurrencies” and stressed about it. He further adds that no Kripa exchange is licensed in the United States of America and certainly the regulatory framework for cryptocurrencies in our country is not light. The minister remarked that the United States of Emirates has yet to issue a single licensed crypto exchange, including the most prominent crypto exchanges Binance and FTX… none were able to on-board any customers until last week. was not able. The Dubai Virtual Assets Regulatory Authority, which was established in March, said on its website that it has not granted any operating permits to date. The Virtual Assets Regulatory Authority of the United States of Emirates is responsible under law for licensing and regulating any crypto-backed sector except the Emirate of Dubai and its core areas. However, several crypto exchanges including Binance, FTX, Okx, Bitoasis, and Coinmena have received a final license from the Regulatory Authority for Virtual Assets and the regulators have clarified that this crypto trading platform is undergoing a 4-stage approval process. are in the first stage. About 11.4% of Emirati residents own or have invested in cryptocurrencies, according to the “Digital Lifestyle” 2022 report published by the UAE Telecommunications and Digital Government Regulation Authority.


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