The UAE minister of economy said at a panel for the World Economic Forum’s Global Technology Governance Summit that utilizing cryptocurrency along with asset tokenization will be the key to double up the country’s economy. The future economy of the country in 10 years is estimated to be the 34th biggest in the world.
Al-Marri also joined the panel named “Arrival fo the token economy, from art to real estate,” by WEF executive Sheila Warren and artist Harry Yeff. Al Marri’s comments were mostly focused on the tokenization use cases and regulation despite the main focus on current nonfungible token events. Also, according to him, UAE has set its goal and is very ambitious to innovate its GDP by 7 percent every year. And by doing that, the economy of the country will be doubled up by 2030. His comment also mentioned Tokenization being the key cog in this process of improving the economy as “Tokenization compliments information-based economies.”
He also said that their goal includes protecting investors along with financial systems without blocking down innovations when he was asked about how the UAE government will interact with the new regulations since they are already deeply integrated with a pre-token economy as of now.
Al-Marri highlighted two major points specifically, which are “harmonized regulation” and “Lack of sufficient regulation”. The jurisdiction and regional regulations need to team up if they need to prevent further innovation blockage so that the asset models such as fractionalized ownership can get the proper benefits out of this.
In the same statement, he also mentioned fractionalized owners leading the blockchain meta in the real world as they keep moving forward. And ultimately considering everything, the country is ready to lead the world with innovation and face various questions head-on.
To find out more about crypto in the UAE please read our UAE cryptocurrency guide.