Efforts to capture the virtual asset industry continue among Middle Eastern countries. It is calculated that attracting foreign companies such as major virtual asset exchanges while acknowledging volatility and instability will help the economy.

According to the Bloomberg News on the 4th (local time), Saudi Arabia’s central bank recently appointed a director of virtual assets and digital currency programs.

Mosen Al-Zahrani, who was appointed as the head of virtual assets, is a former executive of Accenture, a global management consulting company. He reportedly reported to the Saudi Central Bank on ways to cooperate with major virtual asset companies.

Saudi Arabia has so far been cautious about virtual assets.

However, as the neighboring United Arab Emirates (UAE) made efforts to actively attract the virtual asset industry, check sentiment seems to have worked.

“There are concerns about the speculative nature of virtual assets, but as the United Arab Emirates has become a global virtual asset hub,

Saudi Arabia has also developed a sense of crisis to come up with regulations on virtual assets, citing an official familiar with the matter.

Crown Prince Mohammed bin Salman’s desire to make Riyadh a global economic hub replacing Dubai in the United Arab Emirates also seems to have affected it.

The United Arab Emirates, which Saudi Arabia considers a competitive target, has already been trying to establish a virtual asset ecosystem in its country for years.

Last year, the United Arab Emirates Securities and Futures Commission (UAE) announced a plan to support the issuance, listing, and trading of virtual assets in the Dubai World Trade Center and Free Zone within the center

I signed a memorandum of understanding. This year, the Virtual Asset Regulation Act provides a legal basis for protecting virtual asset investors

It has decided to establish a virtual asset regulation office that oversees this.

By fonuder

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