UAE Signs MoU to Have Government Employees Trained in Using Blockchain Technology

July 13, 2022 10:20:00

The United Arab Emirates (UAE) has partnered with a major blockchain intelligence company to train government employees on how to use blockchain technology and digital assets. A report from Emirates News Agency says the UAE has signed a memorandum of understanding (MOU) with New York-based firm Chainanysis to create virtual training programs for government institution employees.

On top of training the employees in blockchain technology and digital assets, the virtual programs will help employees develop their skills and capabilities in the field, leverage global experiences and share success stories, the report said. Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications Bas Lemmens along with general manager for Europe, the Middle East and Africa (EMEA) Omar bin Sulta Al Olama signed the MOU.

He stated that blockchain technology will be key to developing novel solutions for future problems and will contribute to new technologies and government efforts that will enhance the UAE’s global position. Al Olama said that the partnership with Chainalysis would allow the country to build its capacity for the development and adoption of cutting-edge technologies and help it build a smart future.

The UAE is already home to one of the most advanced digital infrastructures in the world. The country has a booming digital asset sector and recently announced a regulatory framework for the industry. Additionally, it formed a Virtual Assets Regulatory Authority (VARA) to oversee the digital assets and blockchain sector.

Speaking shortly after the announcement in March, the minister of defense, vice president and prime minister of the UAE Rashid Al Maktoum said that the move to regulate the industry and create an oversight agency would establish the country’s position in the sector, help it grow and protect customers.

Chainalysis CEO and cofounder Michael Gronager has commended UAE’s government for moving to educate its employees on blockchain and digital assets, stating that it has taken commendable steps to make itself a global cryptocurrency and blockchain hub while others wait on the sidelines. Chainalysis has plenty of experience providing blockchain and digital asset services to government agencies and governments. In late March, the New York-based company advised the U.S. Senate on steps the government could take to fight illicit crypto activities. Chainalysis also landed a contract with the U.S. Air Force, its third such contract with the Air Force, to provide blockchain intelligence services.

Chainalysis has provided analytical tools to the U.S. Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), Immigration and Customs Enforcement (ICE), the Transportation Security Administration (TSA), the Secret Service (USSS), the Securities and Exchange Commission (SEC), the Financial Crimes Enforcement Network (FinCEN) and the Commodity Features Trading Commission (CFTC).

The news that the UAE government is taking steps to ensure that its employees learn how to use blockchain technology is likely to be music in the ears of entities such as Bit Mining Inc. (NYSE: BTCM) since the technology will become more mainstream and more people will awaken to the opportunities presented by crypto or digital assets such as cryptocurrencies.

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