According to Thani Al-Zeyoudi, the UAE’s minister of state for foreign trade, cryptocurrencies will go on to play a “major role” in the global trade of the United Arab Emirates, as reported by Cointelegraph.
According to Cointelegrpah, Al-Zeyoudi provided a number of updates 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 currently gathered for the 2023 World Economic Forum.
“We started attracting some of the companies to the country with the aim that we will build together the right governance and legal system, which are needed,” Al-Zeyoudi added.
Al-remarks Zeyoudi’s follow the UAE Cabinet’s introduction of new regulations just one week ago, which essentially require organisations engaging in cryptocurrency activities to obtain a licence and approval from the Virtual Asset Regulatory Authority (VARA).
(With insights from Cointelegraph)