Regarding the cryptocurrency industry, there are many who feel that it has already irreversibly altered the world and that its future is related to the future of banking.
The UAE’s state minister for AI, digital economy, and remote-work applications, Omar Bin Sultan Al Olama, was one of several prominent figures who voiced optimism about the future of cryptocurrencies in an article published in The Banker on September 28.
To make this vision a reality, Omar Bin Sultan Al Olama thinks greater breathing space must be provided to people “at the forefront of pushing new technology (…) while ensuring the essential rules are in place to safeguard consumers and the financial system and prevent criminal business.”
The minister stated that pushing new technologies while ensuring the necessary regulations was precisely what his country was attempting to do, elaborating that its strategy centred on three key elements: encouraging innovation and adoption, providing a favourable regulatory network, and fostering global collaboration.
Regarding the first part, the minister said, “The United Arab Emirates has fostered an atmosphere in which our residents feel qualified to explore a new economy of virtual assets, and their adoption reflects this.”
Regarding regulation, he mentioned the recent establishment of the Dubai Virtual Assets Regulatory Authority (Vara), stating that “crypto assets and technology (…) need a favorable but firm regulatory compass to flourish.”
Thirdly, Omar Bin Sultan Al Olama said that the UAE already “hosts a number of significant events on the global blockchain calendar, where we are happy to welcome entrepreneurs, regulators, investors, and other major players in the global crypto ecosystem.”