Cryptocurrency will play “a major role for UAE trade going forward,” the nation’s minister of state for foreign trade Dr. Thani Al Zeyoudi said during an interview with Bloomberg adding that global governance of cryptocurrencies and crypto companies must be ensured.
Al Zeyoudi also added that a key area the UAE is looking to expand, is cryptocurrencies.
“The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies,” Al Zeyoudi said.
“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 added.
In addition, no crypto exchanges have been licensed in the UAE, according to UAE minister for artificial intelligence, digital economy and remote work appplications Omar Sultan Al Olama.
He added that regulatory frameworks for cryptocurrencies in the UAE are “not light.”
“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,” he said.
Read more on the topic:
- Crypto insurance firms face massive surge in requests following FTX collapse
- Abu Dhabi Global Market announces forming crypto hub in the emirate
- Why MENA is fastest-growing cryptocurrency market in the world
Dubai has a Virtual Assets Regulatory Authority (VARA) was established to provide an operating framework for the virtual asset sector to be able to scale while also providing market and investor protections. It expects to regulate the governing principles of services and activities – rather than specific products and technologies.
VARA was established in March and is responsible for licensing and regulating the crypto sector in Dubai and its free zone territories (excluding DIFC) as per UAE law.
Crypto exchanges such as Binance, FTX, Okx, Bitoasis and Coinmena have received their provisional license from VARA.
Follow us on
