Speaking at the 2023 World Economic Forum in Davos, Switzerland, Al-Zeyoudi emphasized the importance of ensuring global governance regarding cryptocurrencies and crypto companies.
The UAE is currently working on its crypto regulatory regime to make the country a hub for crypto-friendly policies that also have sufficient protections in place. The country has recently attracted talent from the crypto sector. It has introduced new regulations requiring entities engaging in crypto activities to secure a license and approval from the Virtual Asset Regulatory Authority (VARA).
The UAE's Minister of State for Artificial Intelligence and the Digital Economy, Omar Sultan Al Olama, also participated in the World Economic Forum, where he spoke on a crypto-focused panel.
He emphasized that the UAE still wants to be a hub for crypto companies, despite the recent FTX debacle, and distanced the country from claims that it is a destination for disgraced crypto figures to flee to. He stressed the need for governments to work together to stop bad actors from going overseas.
