During an interview with Bloomberg at the World Economic Forum summit, Thani Al-Zeyoudi, the Minister of State for Foreign Trade in the United Arab Emirates, hinted at the country’s intentions to integrate cryptocurrency into its economic development plans. However, he emphasized the importance of implementing proper regulations to govern the use of crypto in the UAE.
The minister also provided updates on the UAE’s trade partnerships and policies aimed at boosting non-oil trade and the overall economy of the Gulf country. He emphasized that cryptocurrency would play a significant role in the future of the UAE, and the country is committed to establishing a regulatory framework to support a crypto-friendly economy.
Recently, the UAE cabinet introduced a licensing regime through the Virtual Asset Regulatory Authority (VARA) to oversee the activities of all crypto-related entities operating within the country. VARA complements the existing Guiding Principles for digital asset regulation and supervision that were previously released by Abu Dhabi’s leading financial regulator.
Addressing concerns about crypto fugitives seeking refuge in the UAE, Omar Sultan Al Olama, the Minister of State for Artificial Intelligence and Digital Economy, defended the country’s plans for cryptocurrency at the World Economic Forum. He refuted claims that cities like Dubai were attracting disgraced crypto personalities and reiterated the UAE’s commitment to preventing illicit activities and ensuring compliance with international Anti-Money Laundering (AML) regulations.
In a report published on May 6, 2022, it was revealed that Dubai and Abu Dhabi were competing to become the top crypto capital. Major exchanges such as Binance, Kraken, and the now-defunct FTX were reportedly expanding their presence in these economies.
While considering the launch of a UAE digital currency (CBDC), the UAE Ministry of Economy unveiled the opening of its new metaverse office on September 29. This virtual office will serve as a digital counterpart to the physical branch, allowing for meetings and contract signings using avatars.
As part of the National Program for Coders initiatives, the UAE Ministry of Artificial Intelligence, Digital Economy, and Remote Work Applications office partnered with blockchain analytics firm Chainalysis on December 27 to establish the first virtual training program for directors and staff of Abu Dhabi Commercial Bank (ADCB).