UAE Royal Links to Trump-Backed Crypto Bank Raise Regulatory Concerns

The UAE's national security adviser, Sheikh Tahnoon bin Zayed Al Nahyan, holds a 49% stake in World Liberty Financial's ($WLFI) banking venture, according to The Wall Street Journal.

This development highlights the growing intersection between traditional banking and cryptocurrency. $WLFI is preparing to launch a U.S. bank through its unit, World Liberty Trust, which has received conditional approval from the Office of the Comptroller of the Currency (OCC).

The OCC's conditional approval indicates that regulatory issues related to foreign ownership and influence are being reviewed.