The cryptocurrency industry is expected to play a significant role in the United Arab Emirates’ global trade strategy. At the Global Forum of the International Chamber of Commerce, Minister of State for Foreign UAE Trade Thani Al-Zeyoudi recently emphasized the need to develop the appropriate regulation to support further growth in the cryptocurrency industry.
He added that the UAE Trade has attracted a lot of talent in the cryptosphere and that the nation needs to ensure that it conforms with global standards for stopping the funding of terrorism (CFT), preventing money laundering (AML), and promoting financial sanctions. Al Zeyoudi also discussed the recent FTX snafu and stated that despite it being a major issue, the UAE still wishes to be a hub for the expanding business.
UAE Trade Minister Gives Revelation
In addition, the UAE’s Ministry of Economy has unveiled a set of guiding principles that outline a favorable attitude toward cryptocurrencies and guarantee compliance with international standards. The creation of cyber security measures, investor education, and customer protection are all covered by these principles.
The crypto business is continuing to expand and evolve, and the United Arab Emirates is adamant about keeping itself at the forefront of innovation. The country is an excellent location for blockchain enterprises and is well-positioned to become a major worldwide center for bitcoin due to its advanced infrastructure and technological skills.
The UAE Trade is not the only country to embrace cryptocurrencies; other countries in the area are also attempting to capitalize on the promise of blockchain technology. This includes Bahrain, which is home to an expanding number of cryptocurrency exchanges, and Saudi Arabia, which just revealed intentions to introduce its own cryptocurrency.
More cryptocurrency trading might lead to higher economic growth and development in the area as a result of the increased use of cryptocurrencies there. This is especially true for developing countries, who benefit from cryptocurrency’s expanded investment possibilities and ease of access to cutting-edge technologies.
