UAE defends crypto push at World Economic Forum amid FTX fallout
Emirati Minister Omar Sultan Al Olama discussed Samuel Bankman-Fried’s infamous trip to Dubai, cryptocurrency regulation, decentralized finance and more in Davos.
An Emirati official addressed the World Economic Forum in Davos Thursday on the state of cryptocurrency in light of the recent market crash.
The United Arab Emirates’ minister for Artificial Intelligence, Digital Economy and Remote Work Application, Omar Sultan Al Olama, participated in a panel entitled “Finding the Right Balance for Crypto” at the annual forum.
The crash in the value of many cryptocurrencies and bankruptcy of the crypto exchange FTX last year were major points of discussion. Moderator Stacy-Marie Ishmael, who covers crypto for Bloomberg, alluded to FTX founder Sam Bankman-Fried’s visit to the UAE last year.
Bankman-Fried visited Dubai in October — just weeks before the Bahamas-based company went under — in an effort to secure funding. Olama downplayed the American’s connection to Dubai, saying he only visited once.
