UAE boosts crypto adoption with potential inclusion in commerce

[ad_1]

The whole world has witnessed the Middle East’s tilt towards cryptocurrency throughout 2022. Now, the trend appears to be persisting into 2023 as well. Recently, UAE Minister of State for Foreign Trade Thani bin Ahmed Al-Zeyoudi hinted at the inclusion of cryptocurrency in the country’s partnerships and trade policies in 2023.

Appearing at the 2023 World Economic Forum in Davos Switzerland, Al-Zeyoudi highlighted the importance of global governance when it comes to cryptocurrencies and businesses.

🇦🇪 The UAE Minister said that #crypto will play a major role in UAE’s global trade in the future.

— Watcher.Guru (@WatcherGuru) January 23, 2023

The foreign trade minister further claims that when the UAE creates its regulatory framework for cryptocurrencies, the focus will be on the Gulf nation’s compatibility with standard security. Al-Zeyoudi added:

“We have started to attract some of the companies to the country with the aim of building together the good governance and the good legal system, which is necessary. “

As mentioned earlier, the Minister hopes to maintain a balance between innovation and investor protection. Last week, the UAE Cabinet introduced revised cryptocurrency regulations. According to this, companies that engage in cryptocurrency business will need to obtain a license and affirmation from the Virtual Asset Regulatory Authority. [VARA].

Moreover, Binance managed to acquire this license. OKX has received a provisional license under VARA. FTX was also on the list, however, the exchange’s approval was revoked shortly after its collapse. With the latest regulations, those who do not seek permission will face fines of $2.7 million or AED10 million.

Is the UAE home to cryptocurrency criminals?

Throughout the last year, the cryptocurrency industry has noted the failure of several projects. While some of the men behind these entities are still at large, rumors of them settling in Dubai have emerged. This led the community to believe that the region might be too lenient with its regulations.

Further, referring the same, UAE Minister of State for Artificial Intelligence and Digital Economy, Omar Sultan Al Olama said:

“Bad actors have no nationality and no destination. You will see them everywhere. You’ll see them in the Bahamas, you’ll see them in New York, in London, and what we need to do as governments is work together, with industry as well, to make sure that if somebody does something wrong, he won’t be able to move from place to place. »

That being said, the minister is happy that cryptocurrency businesses are “calling the UAE home.”

[ad_2]