Thani Al Zeyoudi, the State Minister of Export Trade of the United Arab Emirates, said that cryptocurrency would fully play its "main role" in the development of world trade in the United Arab Emirates.

On January 20, Al Zeyoudi spoke with Bloomberg News Agency in Davos, Switzerland, explaining the latest news on the 2023 system of the relationship between the trading countries of the United Arab Emirates.

When talking about the field of cryptocurrency, the section chief said that "cryptocurrency will play an important role in the future business of the United Arab Emirates," he said briefly. "The most important thing is to ensure the global economic governance of cryptocurrency and cryptoenterprises."

Al Zeyoudi then said that with the focus of the United Arab Emirates on its encryption regulatory mechanism, the key is undoubtedly to make the Gulf countries become the core of a crypto-friendly system, and these policies also have sufficient safeguards:

"Let's attract some companies to enter the host country, so that we will jointly build the appropriate governance and legal norms needed."

Just a week before Al Zeyoudi released the above views, the cabinet of the United Arab Emirates issued the latest regulations. Most of the policies and regulations ensure that the entities engaged in encryption activities must be approved and permitted by the Virtual Assets Regulatory Authority (VARA).

If enterprises fail to do this, they may face up to US $2.7 million in penalties under the new law. This move can complement the "guiding principles" of digital asset supervision and regulation announced by the financial regulatory authority of the Abu Dhabi International Market Free Economic Development Zone in September.

This standard briefly describes the friendly working attitude towards cryptocurrencies, and at the same time, the service commitment follows the national standards in terms of compliance management (AML), severe crackdown on supporting terrorist organizations (CFT) and support for financial sanctions.

Omar Sultan Al Olama, the State Minister of AI technology and digital economy of the United Arab Emirates, also attended the World Economic Forum on January 19, which is part of a group with cryptocurrency as its main content.

Al Olama stressed that although the collapse of FTX is a key issue, the United Arab Emirates still hopes to become a center even after all the difficulties and hardships.

"They (encryption companies) call the UAE home, which is really a positive thing," he said.

The section chief also stressed that many places such as the United Arab Emirates and the United Arab Emirates would often become the key address of the escape of the very shameful encrypted data characters, and said that "all kinds of bad actors have no national identity and no end."

However, he did pay attention to the fact that governments of all countries really need to work together to prevent all kinds of bad actors from going abroad.

He said: "You will see them at any time. You will see them in the Bahamas, and you will see them in New York and London. As a government department, what we should do is cooperate with the field to ensure that when someone does something wrong, he cannot move from one place to another.".