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The minister supplied vital updates on the UAE’s trade partnerships and insurance policies that it expects will increase non-oil change in rupees and the economic system of the gulf country.
According to the minister, crypto will play a great function in UAE going forward, and the Gulf country will furnish the regulatory framework for a crypto-friendly economy.
Recently, the UAE cabinet brought a licensing regime via the Virtual Asset Regulatory Authority (VARA) to guide the activities of all crypto-related entities operating in the UAE. VARA enhances the existing Guiding Principles” for digital asset rules and supervision that Abu Dhabi’s main monetary regulator formerly released.
Omar Sultan Al Olama, the UAE minister of country for artificial Intelligence and digital economy, while justifying UAE’s plans for crypto at the world monetary forum, decried the drawbacks of the FTX debacle.
The minister also debunks claims that the UAE’s cities, such as Dubai, have been well known destinations for disgraced crypto personalities. Instead, he reiterated the country’s goal to halting horrific actors and making sure that its crypto plans comply with all global Anti-Money Laundering (AML) policies and standards.
A May 6, 2022 document published that the duo of Dubai and Abu Dhabi had been all out to clinch the title of “top crypto capital.” Well known exchanges like Binance, Kraken, and the defunct FTX are allegedly making expansive strikes into these economies.
