The United Arab Emirates continues technological adoption of blockchain with new MoU
The United Arab Emirates (UAE) has signed a memorandum of understanding (MoU) with the blockchain intelligence firm Chainalysis. The agreement will see Chainalysis train employees at public institutions in blockchain technology and digital assets.
According to a report by the official news agency of the country Emirates News Agency (also known as WAM), MoU was signed by Omar bin Sultan Al Olama, Prime Minister of Artificial Intelligence, Digital Economy and Telework Applications; and Bas Lemmens, General Manager of Europe, Middle East and Africa (EMEA) at Chainalysis.
Al Olama stated that the partnership would help the UAE develop capacity to adopt cutting-edge technologies and build a smart future. Michael Gronager, CEO and co-founder of Chainalysis, praised the government’s initiative to be a pioneer in such a project.
“We are honored to be selected by the United Arab Emirates to play a supportive role in upgrading government entities through knowledge in the Blockchain … Where others are waiting on the sidelines, the UAE has taken commendable steps towards establishing itself as a global blockchain. – and cryptocurrency hub, “Gronager said.
The specifications of the agreement mean that Chainalysis’ UAE Center of Excellence will offer a virtual training program in the blockchain field for public employees. Participants will learn about blockchain and virtual assets, financial opportunities, risks, challenges in the blockchain sector, as well as the global political perspective of digital assets.
The United Arab Emirates is not pursuing the goal of becoming a global hub for digital assets
MoU is not the first time Chainalysis has provided its services to government agencies and government agencies. Chainalysis has provided blockchain intelligence services to the US Air Force and other US authorities. The company has also advised the US Senate on issues related to the digital assets market, as Business Insider reports.
The initiative is just the UAE’s latest effort to deepen its understanding and use of blockchain technology and digital assets. The UAE also recently signed a trade agreement with India to explore new technologies, including blockchain.
Similarly, the country established a new supervisory body for digital assets called the Virtual Assets Regulatory Authority (VARA), as well as a new regulatory framework for digital assets and the blockchain sector. Regulatory clarity has already benefited the United Arab Emirates as its popularity among digital asset firms has increased.
See: Presentation of BSV Global Blockchain Convention, Marhaba: BSV in the Middle East
New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – originally proposed by Satoshi Nakamoto – and blockchain.
