As said by the minister of state for foreign trade of the United Arab Emirates (UAE), Dr. Thani Al-Zeyoudi, cryptocurrencies and the popularization of crypto will “play a major role for UAE trade going forward”.

The minister re-iterated to Bloomberg on January 20th the importance of ensuring global governance with regards to cryptocurrencies and crypto-focused companies, given the nation’s goal of being regarded as a regional crypto hub that is crypto-friendly but also regulatory-stringent.

Al-Zeyoudi’s comments come just one week after the UAE Cabinet put forward a set of new regulations which ensures that entities are authorized and licensed to engage in crypto activities and operations, essentially meaning securing licensing and approval from the Virtual Asset Regulatory Authority (VARA).

Sources:

https://finance.yahoo.com/news/uae-explores-non-oil-trade-150619805.html

https://bitcoinist.com/uae-set-to-adopt-crypto-in-major-role/