The United Arab Emirates plans to use crypto for trade in the future and also set up a working regulatory framework, according to the country's minister of state for foreign trade. 

“Crypto will play a major role for UAE trade going forward. The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies."

Al-Zeyoudi added that the UAE continues to work on its crypto regulatory regime. He said the focus will be on making the Gulf country a major hub with crypto-friendly policies that also have sufficient protections in place. He noted that the country has already seen some improvement in this field. 

"We started attracting some of the companies to the country with the aim that we’ll build together the right governance and legal system, which are needed.”