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According to a report by UAE’s official news agency Emirates News Agency (WAM), the memorandum of understanding (MoU) was signed by Omar bin Sultan Al Olama the Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications; and Bas Lemmens, General Manager for Europe, the Middle East, and Africa (EMEA) at Chainalysis.
Al Olama claimed that the partnership would help the UAE develop capacity in the adoption of cutting-edge technologies and build a smart future. For his part, Michael Gronager, CEO and co-founder of Chainalysis, commended the government’s initiative to pioneer such a project.
“We are honored to be selected by the UAE to play a supporting role in upskilling government entities through knowledge in Blockchain… Where others wait by the sidelines, the UAE has taken commendable steps towards establishing itself as a global blockchain and crypto hub,” Gronager stated.
The agreement’s specifics entail that Chainalysis’ UAE Centre of Excellence will provide a virtual training program in the blockchain field for government employees. Participants will learn about blockchain and virtual assets, economic opportunities, risks, challenges of the blockchain sector, as well as the global political perspective of digital assets.
The MoU is not the first time Chainalysis has delivered its services to governments and government agencies. Chainalysis has provided blockchain intelligence services for the US Air Force and other US government agencies. The company has also advised the US Senate on issues related to the digital assets market, as Business Insider reports.
The initiative is only the UAE’s latest effort at deepening its understanding and adoption of blockchain technology and digital assets. Recently, the UAE also signed a trade deal with India to explore emerging technologies, including blockchain.
Also, the Emirates established a new oversight body for digital assets called the Virtual Assets Regulatory Authority (VARA), as well as a new regulatory framework for the digital assets and blockchain sector. The regulatory clarity has already been earning dividends for the UAE as its popularity among digital asset firms has increased.
The UAE, Japan, and Singapore have emerged as the trendsetters in regulating the crypto market effectively, Top European academic Guy Burton recently said, citing The Dubai Financial Services Authority explicitly included a crypto regulatory framework in its 2021 business plan.
