Saudi Arabia and the UAE spread out the red carpet for cryptocurrency, while the US gives it the cold shoulder

<p>According to US industry participants, Saudi Arabia and the UAE are laying down a red carpet of light-touch digital currency regulation, striking a contrast with the US, where policymakers are scrambling to establish crypto guidelines.</p> <p>Financial titans such as Goldman Sachs CEO David Solomon and Blackstone CEO Stephen Schwarzman made the pilgrimage to Riyadh last week to attend the Future Investment Initiative, where they joined some of the industry's biggest names, including Brad Garlinghouse, CEO of Ripple Labs, and Mike Novogratz, CEO of Galaxy Digital.</p> <p>Saudi Arabia has increased its efforts to recruit cryptocurrency startups in recent years. The Saudi Central Bank and the Central Bank of the United Arab Emirates have been collaborating to determine how the two banks can implement blockchain and digital payments.</p> <p>Novogratz stated that the official stamp of approval is beginning to bear fruit. "I've been visiting the region for years, and this is the first time I felt like the large pools of cash were interested in crypto," he told The Post. "During my discussions with investors, I was asked really sophisticated questions regarding adoption and regulation."</p> <p>According to cryptocurrency insiders, some of the Middle East's largest sovereign wealth funds are expected to invest directly in cryptocurrency within the next 12 months.</p> <p>Saudi Arabia's attention on cryptocurrency is part of the country's Saudi Vision 2030, which intends to diversify the economy and transform the country into an innovation hub.</p> <p>According to Garlinghouse, the UAE has established so-called "financial free zones," or places that are virtually tax- and regulation-free.</p> <p>Meanwhile, although Saudi Arabia and the UAE present themselves as safe havens for cryptocurrency companies, the crypto industry contends that the US is making it increasingly difficult for those same companies to function domestically.</p> <p>Consider the Ripple money exchange. Saudi Arabia stated last week that it will