Crypto Will ‘Play a Major Role’ in UAE Trade Going Forward, Minister Says

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'Crypto Will Play Major Role for UAE Trade Going Forward,' Minister Says

The United Arab Emirates (UAE) minister of state for foreign trade says that cryptocurrency “will play a major role for UAE trade going forward.” He stressed: “The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”

Crypto to Play a Major Role in the UAE

United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi talked about cryptocurrency Friday during an interview with Bloomberg in Davos, Switzerland.

He shared that one area the UAE is looking to expand is cryptocurrencies, adding:

Crypto will play a major role for UAE trade going forward.

“The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies,” Al Zeyoudi described.

“We started attracting some of the companies to the country with the aim that we’ll build together the right governance and legal system, which are needed,” the official noted.

Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, also talked about cryptocurrency regulation last week in a World Economic Forum session titled “Finding the right balance for crypto” in Davos. He confirmed that no crypto exchanges have been licensed in the UAE, emphasizing that the regulatory frameworks for cryptocurrencies in the UAE are “not light.” The minister said:

UAE has not issued a single licensed crypto exchange in UAE, neither Binance nor FTX … no one was able to onboard any customers even last week.

The Dubai Virtual Assets Regulatory Authority (VARA), established in March, also states on its website that it has not granted any operating permit to date. VARA is responsible for licensing and regulating the crypto sector in the Emirate of Dubai and its free zone territories (excluding DIFC) under UAE law.

However, a number of cryptocurrency exchanges — including Binance, FTX, Okx, Bitoasis, and Coinmena — have received a provisional license from VARA. The regulator recently clarified that these crypto trading platforms are in stage one of a four-stage approval process.

According to the “Digital Lifestyle” 2022 report published by the United Arab Emirates Telecommunications and Digital Government Regulatory Authority (TDRA), about 11.4% of UAE residents own or have invested in cryptocurrencies.

Do you agree with Minister of State for Foreign Trade Thani Al Zeyoudi that crypto will play a major role in UAE trade? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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