{"id":361770,"date":"2021-11-03T02:31:21","date_gmt":"2021-11-02T23:31:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/saudis-uae-roll-out-red-carpet-for-crypto-as-us-gives-a-cold-shoulder\/"},"modified":"2021-11-03T02:31:21","modified_gmt":"2021-11-02T23:31:21","slug":"saudis-uae-roll-out-red-carpet-for-crypto-as-us-gives-a-cold-shoulder","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/saudis-uae-roll-out-red-carpet-for-crypto-as-us-gives-a-cold-shoulder\/","title":{"rendered":"#Saudis, UAE roll out red carpet for crypto as US gives a cold shoulder"},"content":{"rendered":"<p>&#8220;<strong>#Saudis, UAE roll out red carpet for crypto as US gives a cold shoulder<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Saudi Arabia and the UAE are rolling out a red carpet of light-touch digital currency regulation, according to US market players \u2014 setting up a contrast to the US, where officials are falling all over themselves to set crypto rules.<\/p>\n<p>Financial titans like Goldman Sachs CEO David Solomon and Blackstone CEO Stephen Schwarzman made the pilgrimage to the Future Investment Initiative in Riyadh last week \u2014 where they joined some of the biggest names in digital assets, including Brad Garlinghouse, CEO of Ripple Labs and Mike Novogratz, CEO of Galaxy Digital.<\/p>\n<p>In the last few years, Saudi Arabia has ramped up its efforts to attract crypto companies: The Saudi Central Bank and Central Bank of the United Arab Emirates have been working together to learn how the two banks can adopt blockchain and digital payments.<\/p>\n<p>The official stamp of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval is starting to show results, Novogratz said. \u201cI\u2019ve been coming to the region for years and this is the first time I felt like the big pools of capital were interested in crypto,\u201d he told The Post. \u201cThe meetings I had with investors, people were asking very advanced questions about adoption and regulation.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-11.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"mike novogratz\" class=\"wp-image-20006029\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-11.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-11.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-11.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>\u201cSaudi Arabia wants to be an international financial center \u2014 and they know crypto will be part of that,\u201d Mike Novogratz told The Post.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>Crypto insiders told The Post they expect some of the Middle East\u2019s major sovereign wealth funds to invest directly in crypto sometime in the next 12 months. <\/p>\n<p>In Saudi Arabia, the emphasis on crypto is part of the country\u2019s Saudi\u00a0Vision 2030, which aims to diversify the economy and make the country a hub of innovation.<\/p>\n<p>In the UAE, Garlinghouse said, the country has created so-called \u201cfinancial free zones,\u201d or areas largely free of taxes and strict regulation. <\/p>\n<p>Meanwhile, as Saudi Arabia and the UAE are positioning themselves as a safe harbors for cryptocurrency companies, the US is making it increasingly difficult for those same companies to operate domestically, the crypto bigs contend. <\/p>\n<p>Take enterprise blockchain company Ripple. Just last week, Saudi Arabia announced the country will launch Ripple\u2019s \u201cOn-Demand Liquidity platform\u201d in an effort to make international payments easier. <\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-14.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Brad Garlinghouse\" class=\"wp-image-20006050\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-14.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-14.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-14.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>\u201cI think it\u2019s clear that the Kingdom of Saudi Arabia wants to be <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and blockchain forward-leaning,\u201d Brad Garlinghouse told The Post. \u201cThis was obvious at the Future Investment Initiative (FII) conference.\u201d<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>In the US, Ripple is forced to focus on fighting a lawsuit. The Securities and Exchange Commission allegees Rippled violated the Securities Act of 1933 \u2014 and that Ripple should have registered its XRP digital coin as a security, but failed to do so. Ripple contends it\u2019s been using XRP like a currency for years and wasn\u2019t told to register it as a security. <\/p>\n<p>Meanwhile, the Treasury Department on Monday doubled down on its aggressive crypto stance in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0454\">a report\u00a0<\/a>advocating Congress crack down on issuers of \u201cstablecoins\u201d \u2014 a ballooning cryptocurrency pegged to fiat currencies like the dollar \u2014 and regulate the technology as a traditional bank.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-12.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Gary Gensler SEC\" class=\"wp-image-20009382\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-12.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-12.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-12.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The SEC, with Chair Gary Gensler at the top, contend Ripple should register its XRP digital coin as a security.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Even as crypto evangelists face a possibly difficult road ahead with US regulators, they  say they\u2019re hopeful about their prospects in the Middle East \u2014 as evidenced by the big trek to the region for this year\u2019s conference, attendees said.<\/p>\n<p>\u201cCrypto played a bigger role at FII than in previous years,\u201d Bob Diamond, former Barclays CEO who is helping take crypto company Circle public via SPAC told The Post. \u201cIn the last year crypto has gotten so big people can\u2019t ignore it.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/11\/02\/saudis-uae-roll-out-red-carpet-for-crypto-as-us-gives-a-cold-shoulder\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Saudis, UAE roll out red carpet for crypto as US gives a cold shoulder&#8221; Saudi Arabia and the UAE are rolling out a red carpet of light-touch digital currency regulation, according to US market players \u2014 setting up a contrast to the US, where officials are falling all over themselves to set crypto rules. Financial&#8230;<\/p>\n","protected":false},"author":1,"featured_media":361771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/saudi-crypto-conference-15.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[118366,76127,25460,106544,81144],"class_list":["post-361770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-2-21","tag-cryptocurrency","tag-middle-east","tag-on-the-money","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/361770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=361770"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/361770\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/361771"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=361770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=361770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=361770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}