• UAE Trade Minister Thani Al-Zeyoudi announced that the country will embrace cryptocurrencies in the coming years.
• At the 2023 World Economic Forum, UAE Minister of State for Artificial Intelligence (AI) and the Digital Economy, Omar Sultan Al Olama, was part of a crypto-focused panel.
• The UAE is working to become a crypto-hub by attracting large global companies and setting up the right governance and legal system.
The United Arab Emirates has announced that it will be embracing cryptocurrencies in the coming years. This was revealed by the UAE Minister of State for Foreign Trade, Thani Al-Zeyoudi, during an interview with Bloomberg at the 2023 World Economic Forum held in Davos Switzerland. Al-Zeyoudi discussed the policies that are being put in place in the UAE to facilitate the growth of the crypto industry. He emphasised the importance of global governance when it comes to cryptocurrencies and crypto companies.
Furthermore, Al-Zeyoudi explained that Dubai has been attempting to entice large companies from across the world with its crypto-friendly regulations. He believes that by bringing these companies to the UAE, they can work together to create the necessary governance and legal system.
At the same 2023 World Economic Forum, the UAE Minister of State for Artificial Intelligence (AI) and the Digital Economy, Omar Sultan Al Olama, was part of a crypto-focused panel. He highlighted the UAE’s efforts to become a crypto-hub as well as the progress that has been made so far.
The UAE is taking steps to ensure that it can provide a safe and secure environment for cryptocurrency companies. The government is also working on creating the legal and regulatory infrastructure to ensure that the crypto industry can grow and develop in the country.
Overall, the UAE is paving the way for cryptocurrencies to become part of the mainstream financial system. With its efforts to become a crypto-hub, the UAE is setting the stage for a new era of financial innovation and growth in the region.