The United Arab Emirates (UAE) is seeking to embrace cryptocurrency in a ‘major role’ in its trading policies, according to a report by Bloomberg.
Speaking with Bloomberg Television in Davos, Switzerland – where the World Economic Forum is presently being held – UAE’s minister of state for foreign trade, Thani Al-Zeyoudi, made some favorable declarations on the prospective function of cryptocurrency in the economy of the gulf country.
“Crypto will play a major role for UAE trade going forward,” stated Al-Zeyoudi. For years now, the UAE federal government has actually been dealing with changing the country into an international crypto center, primarily by carrying out crypto-friendly policies with the objective of drawing in the huge weapons in the $1 trillion market.
Al-Zeyoudi discussed this job with Bloomberg specifying UAE’s strategy of a collective effort with these business in producing the necessary legal structure for the growth of cryptocurrency operations within the Middle Eastern state.
“The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies,” he stated.
“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 informed Bloomberg in his interview on Friday.
UAE Expresses Support For Crypto Amid Market Woes
Just a day prior to Al-Zeyoudi’s interview, the UAE’s minister for Artificial Intelligence, Digital Economy, and Remote Work Application Omar Sultan Al Olama, who is likewise representing the Emirates at the World Economic Forum, mentioned that the country stayed dedicated to its objective of ending up being the world’s cryptocurrency center no matter the current market crash.
While getting involved as a speaker in a panel conversation entitled “Finding The Right Balance For Crypto,” Sultan Al Olama made these claims while stating that crypto business currently describing the UAE as house was a favorable thing to keep in mind.
Last November, the crypto market tape-recorded heavy losses following the stunning collapse of the FTX exchange. Although the marketplace is still far from a complete healing, there have actually been stable gains in the last couple of weeks.
For example, Bitcoin, the crypto market leader and the world’s most significant digital property, has actually tape-recorded a boost of 37.40% in its worth because the start of 2023. According to information from CoinMarketCap, BTC is trading at $22,621.05 per system with a market cap of $435.9 billion.
BTC Trading at $22712.00 | Source: BTCUSD chart on Tradingview.com
Could UAE Become The Crypto Capital Of The World?
At numerous times in the last couple of years, the Middle Eastern country has actually mentioned its desire to end up being the worldwide main center for cryptocurrency operations. To this end, the country’s federal government has actually continually presented a number of policies focused on motivating the activities of blockchain-based companies in the nation.
So far, these efforts have actually been a huge success, with over 400 active crypto companies presently running in the UAE. Furthermore, due to a friendly regulative structure, a number of exchanges, consisting of Binance, OKX, BitOasis, and so on., have actually all obtained licenses to run in the nation.
Dubai, the nation’s business center, has actually likewise played host to popular cryptocurrency celebrations, consisting of the World Blockchain Summit, Crypto Expo Dubai, CryptoFest, and so on.
Clearly, the United Arab Emirates is on the ideal trajectory to accomplish its lofty objective. Although the country still deals with a number of difficulties, consisting of the consistent threat of scams and growing competitors from other countries with comparable objectives, (e.g., Bahrain, Qatar, Egypt, and so on.), the UAE is presently the leading competitor to end up being the crypto capital of the world.
Featured Image: Analytics Insight, Chart from Tradingview.com