News By  Lesia Dubenko
Pro 246 24 Jan 2023
Pro

Crypto in UAE to Play "Major Role"

By  Lesia Dubenko 246 24 Jan 2023
Photo - Crypto in UAE to Play "Major Role"

The UAE is not giving up on crypto no matter what. The Gulf country is ready to develop the industry and become a full-grown hub.

The UAE is not giving up on crypto.

In an interview with Bloomberg in Davos during the 2023 World Economic Forum, the UAE’s minister of state for foreign trade Thani Al-Zeyoudi shed light on the country’s vision of cryptocurrency. According to him, “crypto will play a major role in UAE trade going forward,” adding that "the most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”

“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,” he said, noting that Abu Dhabi is willing to turn the state into a hub with crypto-friendly policies with sufficient protections in place. 

Another UAE minister, Omar Sultan Al Olama, who is in charge of artificial intelligence and the digital economy, also participated in the Forum. During the discussion, he said that the FTX debacle has not affected the UAE’s desire to promote crypto-related policies. 

“Them [crypto companies] calling the UAE home is definitely a positive thing,” he said, defying criticism that the state is giving asylum to rogue crypto individuals.

“Bad actors don’t have a nationality and don’t have a destination,” he said. “You will see them everywhere. You will see them in the Bahamas, you will see them in New York, London, and what we need to do as governments is to work together, with the industry as well, to ensure that if someone does something wrong he can't move from one place to the other.”

The UAE has long been bullish on crypto, embracing its use in the country. 

Previously, Gagarin News reported that the Dubai-based Citizens School is now offering to pay for education with cryptocurrency. 

Also, Dubai is set to become the top ten cities in the world in terms of the metaverse economy.