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Crypto Will ‘Play a Major Role’ in UAE Trade Going Forward, Minister Says

Crypto Will ‘Play a Major Role’ in UAE Trade Going Forward, Minister SaysThe United Arab Emirates (UAE) minister of state for foreign trade says that cryptocurrency “will play a major role for UAE trade going forward.” He stressed: “The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.” Crypto to Play a Major Role in the UAE United Arab […]

Crypto Will ‘Play a Major Role’ in UAE Trade Going Forward, Minister Says

The United Arab Emirates (UAE) minister of state for foreign trade says that cryptocurrency “will play a major role for UAE trade going forward.” He stressed: “The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”

Crypto to Play a Major Role in the UAE

United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi talked about cryptocurrency Friday during an interview with Bloomberg in Davos, Switzerland.

He shared that one area the UAE is looking to expand is cryptocurrencies, adding:

Crypto will play a major role for UAE trade going forward.

“The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies,” Al Zeyoudi described.

“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,” the official noted.

Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, also talked about cryptocurrency regulation last week in a World Economic Forum session titled “Finding the right balance for crypto” in Davos. He confirmed that no crypto exchanges have been licensed in the UAE, emphasizing that the regulatory frameworks for cryptocurrencies in the UAE are “not light.” The minister said:

UAE has not issued a single licensed crypto exchange in UAE, neither Binance nor FTX … no one was able to onboard any customers even last week.

The Dubai Virtual Assets Regulatory Authority (VARA), established in March, also states on its website that it has not granted any operating permit to date. VARA is responsible for licensing and regulating the crypto sector in the Emirate of Dubai and its free zone territories (excluding DIFC) under UAE law.

However, a number of cryptocurrency exchanges — including Binance, FTX, Okx, Bitoasis, and Coinmena — have received a provisional license from VARA. The regulator recently clarified that these crypto trading platforms are in stage one of a four-stage approval process.

According to the “Digital Lifestyle” 2022 report published by the United Arab Emirates Telecommunications and Digital Government Regulatory Authority (TDRA), about 11.4% of UAE residents own or have invested in cryptocurrencies.

Do you agree with Minister of State for Foreign Trade Thani Al Zeyoudi that crypto will play a major role in UAE trade? Let us know in the comments section below.

Source: Regulation Archives – Bitcoin News

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Breaking News: Yuga Labs Founder Steps Down for Health Reasons

NFT Entrepreneur and Yuga Labs founder Wylie Aronow, creator of Bored Ape Yacht Club and CryptoPunks, Takes Time Off for Health.

NFT Entrepreneur and Yuga Labs founder Wylie Aronow, creator of Bored Ape Yacht Club and CryptoPunks, Takes Time Off for Health after CHF Diagnosis.

Yuga Labs Founder Steps Down 

Wylie Aronow, one of the co-founders of Yuga Labs, recently announced that he will be taking a leave of absence from the company due to health reasons. In a tweet, he shared that he had been diagnosed with congestive heart failure. Aronow, who is also known by his pseudonym Gordon Goner, stated that the symptoms started last year and that he had delayed seeking medical attention so he could continue working. However, after undergoing testing, his doctor advised him to make significant changes to his lifestyle.

Aronow announced his departure from his role at Yuga Labs to focus on his health. In a statement, he stated that he would be taking a leave of absence to prioritize his well-being. Although he will no longer have a full-time position at the company, Aronow will continue to serve as a Board Member and Strategic Advisor, though the extent of his involvement in these capacities was not specified.

In a tweet, Aronow explained his departure. He stated that his chronic illness consumed most of his twenties and that he overexerted himself at Yuga Labs, working 12 hours daily. He regrets not finding balance, despite advice from those around him. Aronow’s priority now is to seek medical treatment and focus on healing.

Yuga Labs, with Aronow, gained recognition in early 2021. Aronow and co-founders Greg Solano (Gargamel), Zeshan (Sass), and Kerem (Tomato Ketchup) launched the Bored Ape Yacht Club (BAYC) NFT collection on April 23, 2021. The collection became a massive success. Although the NFTs were initially priced at .08 ETH per ape (around $190), they soon sold for over $100,000 on secondary markets.

Wylie remains a board member and advisor at Yuga Labs. In a Twitter thread, he expressed his confidence in Yuga’s future and the leadership of @cryptogarga. The addition of Daniel Alegre, soon-to-be former President and COO of Activision, further strengthens his positive outlook. Wylie also has a bright future ahead for his brand.

Source: Altcoin

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