Krypto will play an important role in the VAE trade in the future, says the minister - Regulation
Krypto will play an important role in the VAE trade in the future, says the minister - Regulation
The Minister of State for Foreign Trade of the United Arab Emirates (VAE) says that cryptocurrency "will play an important role in the VAE trade in the future". He emphasized: "The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies."
crypto plays an important role in the VAE
The Foreign Trade Minister of the United Arab Emirates, Thani Al Zeyoudi, spoke on Friday during an interview with Bloomberg in Davos, Switzerland, about cryptocurrencies.
he announced that an area that the VAE wants to expand are cryptocurrencies and added:
crypto will play an important role in the United Arab Emirates in the future.
"The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies," said Al Zeyoudi.
"We started luring some of the companies into the country, with the aim of building the right governance and legal system that is needed," noted the official.
Omar Sultan Alama, Minister of State of the United Arab Emirates for Artificial Intelligence, Digital Economy and Fern work applications, spoke in a meeting of the World Economic Forum entitled "Finding the right balance for crypto" in Davos also about the regulation of cryptocurrencies. He confirmed that no crypto exchanges have taken place emphasized that the regulatory framework for cryptocurrencies in the VAE were “not easy”. The minister said:
The VAE did not issue a single licensed crypto exchange in the VAE, neither Binance nor FTX ... Even last week, nobody could take customers on board.
The Dubai Virtual Assets Regulatory Authority (Vara), founded in March, also states on his website that I have not yet given any operating license. Vara is responsible for the licensing and regulation of the crypto sector in the Emirat Dubai and its free zone areas (with the exception of DIFC) according to the law of VAE.
A number of cryptocurrency exchanges-including Binance , ftx , Okx , Bitoasen and Coinmena -received a preliminary license from Vara. The regulatory authority recently made it clear that these crypto trading platforms are in the first phase of a four-stage approval process.
According to the report "Digital Lifestyle" 2022, which was published by the United Arab Emirates Telecommunications and Digital Government Regulatory Authority (TDRA), approx. 11.4 % of the residents of the VAE or have invested in cryptocurrencies.
Do you agree to foreign trade Minister Thani Al Zeyoudi that Krypto will play an important role in the trade of VAE? Let us know in the comment area below.
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