The United Arab Emirates (UAE) is positioning itself as a crypto-friendly nation with the potential for significant growth in the coming years. In an interview with Bloomberg Surveillance, the country’s Foreign Trade minister, Thani bin Ahmed Al Zeyoudi, highlighted the role of cryptocurrencies in the businesses of the UAE. He stated that “crypto will play a major role for UAE trade going forward.”
Dubai, the most populous city in the UAE, has been working to attract major businesses with its crypto-friendly policies. The country is looking to increase commerce with key partners and has already signed several profit-making agreements with countries such as Indonesia, Turkey, Israel, and Ukraine. Al Zeyoudi outlined that in the first quarter of this year the country is looking forward to concluding similar agreements with Cambodia and Georgia. He also mentioned that a trade deal with China, the largest country in Asia and the world’s most populous nation, is being discussed.
The UAE is also looking to remove the corporate tax on anything below the value of $100,000. Al Zeyoudi stated that “we did excellent last year, and we are going to have an excellent performance this year as well.” The government of UAE is also planning to impose a corporate tax of 9% later this year.
Furthermore, the UAE is immune to a downturn in the global economy this year, and is expecting a growth in its GDP by 3.4% to 3.8% by 2030. The country’s foreign exchange minister also emphasized the importance of ensuring global governance when it comes to cryptocurrencies and crypto companies. He stated that the UAE has started attracting companies with the aim of building the right governance and legal system that is needed.
In summary, the UAE is positioning itself as a crypto-friendly nation with a strong focus on attracting major businesses and increasing commerce with key partners. The country is looking to remove the corporate tax, and is immune to a downturn in the global economy. The UAE’s foreign exchange minister also emphasized the importance of ensuring global governance when it comes to cryptocurrencies and crypto companies. With a projected growth in GDP by 3.4% to 3.8% by 2030, the UAE is poised for significant growth in the coming years.