Cryptocurrencies will play an important role for UAE trade, were statements made by the country's current foreign trade minister, Dr. Thani bin Ahmed Al Zeyoudi.
The Minister of Foreign Trade of the United Arab Emirates, Dr. Thani bin Ahmed Al Zeyoudi, has highlighted the important role that cryptocurrencies represent for economic development.
During an interview with Bloomberg at the World Economic Forum conference in Davos, the current UAE foreign trade minister assured that the innovation and benefits offered by cryptoassets have been attracting a fairly notable amount of talent to different industries, which is why He described its regulation as essential.
In addition to this, Ahmed Al Zeyoudi highlighted that Bitcoin and cryptocurrencies will play an important role in UAE trade in the future.
Minister Ahmed Al Zeyoudi noted that the main and largest city of the seven emirates that make up the United Arab Emirates, Dubai, has been working to attract the world's largest companies and investors with its friendly policies for the crypto industry.
Since 2021, the United Arab Emirates has been developing a regulatory and legal framework that is friendly to cryptocurrency innovation and blockchain technology.
In fact, as part of this objective, the ultramodern city of Dubai established a regulatory body for cryptocurrencies in March 2022, called “Virtual Asset Regulatory Authority”, with which it intends to lead the future of this growing and unstoppable industry.
On the other hand, Dubai has also been implementing new policies to convert its free zones, such as the World Trade Center (DWTCA), into areas where cryptocurrencies and digital assets can progress and allow the city and the country to strengthen its economic leadership and technological.
Minister Ahmed Al Zeyoudi told Bloomberg that the most important thing for the UAE is Ensure global governance when it comes to cryptocurrencies and companies related to this industry.
The country located on the Arabian Peninsula is focused on lead the emerging cryptocurrency industry and in establishing global standards that guarantee correct regulation to shape the future of the new alternative financial system that is built on the blockchain.
Continue reading: Crypto adoption: 1 in 10 people in the UAE owns cryptocurrencies
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