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Middle EastSeptember 28 2022

Omar Bin Sultan Al Olama: The UAE’s role in bringing crypto assets into the mainstream

Those at the forefront of new technologies must be given room to breathe, while authorities ensure that the regulations necessary to protect consumers and the financial system, as well as prevent criminal enterprise, are in place.
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Omar Bin Sultan Al Olama: The UAE’s role in bringing crypto assets into the mainstream

Digital currencies — and the technologies they utilise — are already revolutionising finance and transforming the world we live in. While many involved in the initial development of cryptocurrencies and associated technologies wanted to use them to circumvent mainstream financial institutions and monetary systems, this is not a practical nor a desirable goal for obvious reasons. Rather, the future of digital currencies lies firmly within the mainstream financial system, where they can make an enormous difference to several problems in areas such as payments, banking and investing.

To realise this potential, these technologies should be embraced by the existing financial system, uniting policy-makers, institutions and businesses at both a national and international level. This means allowing those at the forefront of pushing new technologies the requisite room to breathe, while ensuring the necessary regulations that protect consumers and the financial system, and prevent criminal enterprise, are in place.

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