Crypto will Become a Major Part of UAE Trade, Minister Says

Thani Al-Zeyoudi, the minister of state for foreign trade of the UAE, said that crypto will play a

According to Thani Al-Zeyoudi, the minister of state for foreign trade of the UAE, cryptocurrencies will go on to play a “major role” in the worldwide trade of the United Arab Emirates.

Al-Zeyoudi presented a variety of insights on the UAE’s trade partnerships and policies going into 2023 in an interview with Bloomberg on January 20 in Davos, Switzerland, where world leaders are presently assembled for the 2023 World Economic Forum.

The minister said in a statement that “crypto will play a major role for UAE trade going forward.” He added that “the most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”

Al-Zeyoudi continued by saying that, as the UAE develops its cryptocurrency regulatory framework, the emphasis will be on turning the Gulf nation into a center with healthy crypto regulations and adequate safeguards in place. 

He 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.”

Omar Sultan Al Olama, the UAE’s minister of state for artificial intelligence and the digital economy, also took part in a panel discussion on cryptocurrencies on January 19 at the World Economic Forum. 

Al Olama pointed out that despite the fact that the FTX incident was a serious issue, the UAE still desired to be a major center.

“Them [crypto companies] calling the UAE home is definitely a positive thing,” he remarked.

UAE Places Faith in Crypto

The Central Bank of the United Arab Emirates (UAE) recently announced the conclusion of the first and most significant wholesale project that uses Central Bank Digital Currencies (CBDC) for cross-border transactions, which demonstrated the UAE’s constructive attitude toward cryptocurrencies. 

Additionally, in September, XA Group, a provider of automotive solutions, floated Addenda, a blockchain-based solution to address a problem that has troubled the sector for ten years. Leading insurers in the region like Emirates Insurance Company, Oriental Insurance Company, and Yas Takaful have all adopted Addenda.