• UAE Trade Minister Thani Al-Zeyoudi stated that crypto will play a major role in the country’s trade in the future.
• UAE is working on becoming a crypto-hub by creating a crypto-friendly regulatory framework and attracting large companies.
• Omar Sultan Al Olama, UAE’s Minister of State for AI and the Digital Economy, discussed the country’s status when it comes to crypto during the 2023 World Economic Forum.
The United Arab Emirates (UAE) is taking a firm stance on the role of cryptocurrencies in its economy, with its Trade Minister, Thani Al-Zeyoudi, expressing that “crypto will play a major role for UAE trade going forward” during an interview at the 2023 World Economic Forum held in Davos, Switzerland. Al-Zeyoudi discussed the country’s foreign trade with other countries, including non-oil trade in rupees with India and further partnerships with China, as well as the policies around taxes and crypto being established in the UAE.
The Minister explained that the UAE, particularly Dubai, has been taking steps to draw in large companies from around the world with their crypto-friendly regulations. Al-Zeyoudi stated that “the most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies”, suggesting the UAE is taking the necessary steps to become a crypto hub.
At the same World Economic Forum, UAE’s Minister of State for Artificial Intelligence (AI) and the Digital Economy, Omar Sultan Al Olama, was part of a crypto-focused panel where he addressed the crypto industry status in the UAE. Al Olama stated that UAE was still working on becoming a crypto-hub, and emphasized the need to establish the right governance and legal system in order to do so.
The UAE’s stance on crypto has been clear since the beginning of the year, with the country’s Financial Services Regulatory Authority (FSRA) announcing its plans to create a dedicated crypto exchange in 2021. The exchange, which is expected to be launched in the second half of 2021, will provide a safe, secure, and compliant platform for crypto trading.
Moreover, the UAE is also currently considering setting up a blockchain-based payment system to facilitate international payments, in partnership with Saudi Arabia. The two countries are working together to launch the “Cross Border Payment System”, which will use blockchain technology to enable quick and secure international payments between the two countries.
The UAE’s involvement in the crypto space is only set to increase in the coming years, with the government’s commitment to providing an enabling environment for the growth of blockchain and crypto. The UAE is clearly aiming to become a leader in the space and is taking the necessary steps to ensure that, from setting up regulatory frameworks to launching dedicated exchanges and payment systems.