In an interview, the UAE’s Minister of State for Foreign Trade said he thought cryptocurrency represented the future of the nation.
Foreign Trade Minister for the United Arab Emirates, Thani bin Ahmed Al-Zeyoudi, predicted that cryptocurrency will become more important to UAE exports in the future.
In an interview with Bloomberg on the 20th of January, Al-Zeyoudi discussed the state of the country’s trade agreements and plans for the next year of 2023.
The minister stressed the need for worldwide regulation of the crypto industry and its associated businesses. According to Al-Zeyoudi, The United Arab Emirates (UAE) will prioritise crypto-friendliness and security in the development of its crypto regulatory framework.
Al-Zeyoudi recommended that the United Arab Emirates strengthen its crypto regulatory framework. Last Monday, the UAE Cabinet mandated that crypto businesses seek a licence from the Virtual Asset Regulatory Authority (VARA). Any violation of this rule might result in penalties of up to AED 10 million ($2.7 million) for the offending company.
Principles were set that promised to comply with international anti-money laundering requirements while still having a favourable outlook towards bitcoin. Additionally, it would help in the fight against terrorism by bolstering existing financial penalties and countering the funding of terrorists.
The minister also defended the UAE against allegations that places like Dubai functioned as hideaways for discredited crypto personalities to leave, saying that the responsibility lies with bad actors who have no country and nowhere to go. However, he did stress the need for states to cooperate to prevent criminals from going elsewhere.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.