Both ministers expressed their support for the crypto industry and the need to regulate it under a global framework.
In the recently held World Economic Forum 2023 in Davos, the UAE renewed the importance of crypto for the country’s future. Thani Al-Zeyoudi, UAE’s minister of state for foreign trade, said at Davos that crypto would be very important for UAE’s global trade in the future. He spoke on several other policies and trade partnerships of the UAE.
“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, referring to UAE’s efforts in making the country a crypto hub, along with appropriate regulations in place. He also outlined the need for countries to work together and ensure global governance for the crypto industry.
Just a week back, the UAE introduced a new rule which would require crypto firms to procure a license from the Virtual Asset Regulatory Authority (VARA). Failure to do so would attract a huge fine of up to $2.7 million.
Omar Sultan Al Olama, UAE’s minister of state for artificial intelligence and the digital economy, was also at Davos for the forum and spoke on the crypto industry. He put forward UAE’s desire to be a hub for crypto despite the current distress in the industry and stated that the industry required a global consensus to stop fraudsters and criminals of the crypto space from seeking protection in various countries to escape trial and punishment.