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23 April 2021

UAE minister of economy: Crypto & tokenization “key” to doubling GDP

UAE minister of economy: Crypto & tokenization “key” to doubling GDP

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At a panel for the World Economic Forum’s Global Technology Governance Summit today, United Arab Emirates minister of economy Abdulla Bin Touq Al Marri said that cryptocurrency and asset tokenization will be key to the country’s plans to double its economy — currently estimated to be the 34th largest in the world — in ten years. .

Perhaps most exciting from an adoption standpoint, the minister said that the country has several ambitious projects underway, including a study underway being conducted along with the WEF on funding small and medium sized enterprises with a government-run token platform, possibly as part of a “regional token exchange” which is “in our agenda,” Al Marri said.

He noted that jurisdiction and regional regulations need to work together in order to prevent cloistered bubbles of innovation, and to ensure that new asset models, such as fractionalized ownership, benefit all?

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