David - Cryptocurrency Enthusiast
Cryptocurrency will play a major role in the United Arab Emirates' (UAE) global trade moving forward, according to the UAE’s minister of state for foreign trade, Thani Al-Zeyoudi. In an interview with Bloomberg on Jan. 20, Al-Zeyoudi stated that the most important thing for the UAE is to ensure global governance when it comes to cryptocurrencies and crypto companies. He also noted that the UAE has attracted a lot of talent from the crypto sector and now needs to roll out the correct regulation to support further growth.
The UAE is currently working on its crypto regulatory regime, with a focus on making the country a hub with crypto-friendly policies that also have sufficient protections in place. Al-Zeyoudi stated that the UAE has started attracting some companies to the country with the aim of building the right governance and legal system together. Reputable crypto brokers such as BCBitcoin will be able to operate efficiently in this new framework.
The comments from Al-Zeyoudi come just a week after the UAE Cabinet introduced new regulation which ensures that entities engaging in crypto activities must secure a license and approval from the Virtual Asset Regulatory Authority (VARA). Companies that fail to do so will face fines of up to $2.7 million under the new law.
The UAE is committed to creating a friendly stance towards crypto while also complying with international standards in Anti-Money Laundering (AML), combating the financing of terrorism (CFT) and supporting financial sanctions. The UAE also wants to be a hub for crypto companies and investment, despite the recent FTX debacle.
If you're interested in investing in cryptocurrency, now may be a good time to start researching the crypto market for investment opportunities. With crypto asset management and a variety of options for buying and selling cryptocurrency, including through reputable crypto brokers like BCBitcoin, it's easier than ever to invest in digital currencies. Additionally, as more bitcoin companies and other crypto-related businesses establish themselves in the UAE, there may be more opportunities for cheap crypto currency and cryptocurrency investment and trading.