UAE Sees Key Role For Crypto As Gulf State Eyes To Boost Trading Policies

The United Arab Emirates (UAE) is looking to adopt 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 currently being held –UAE’s minister of state for foreign trade, Thani Al-Zeyoudi, made some positive statements on the potential role of cryptocurrency in the economy of the gulf nation.

“Crypto will play a major role for UAE trade going forward,” said Al-Zeyoudi. For years now, the UAE government has been working on transforming the nation into a global crypto hub, mainly by implementing cryptofriendly policies with the goal of attracting the big guns in the $1 trillion industry.

Al-Zeyoudi discussed this project with Bloomberg stating UAE’s plan of a collaborative effort with these companies in creating the required legal framework for the expansion 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 said.

“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 told Bloomberg in his interview on Friday.