The Dubai Financial Services Authority (DFSA) has urged global regulators to start collaborative negotiations to prevent regulatory gaps in digital assets from being exploited. This is reported Bloomberg.
The head of the DFSA, Elizabeth Wallace, noted that the agency plans to update the local cryptocurrency legislation, presented in early 2022.
“We, as regulators, need to talk to each other more [по вопросам цифровых активов]because there can be quite a few gaps and we have seen a lot of unscrupulous players trying to take advantage of some of those gaps,” she said.
According to Wallace, the agency is concerned about the many crypto companies that carry out “a significant amount of operations under one roof.”
Dubai authorities see the potential in digital assets and are trying to support the industry. Previously, licenses for the provision of cryptocurrency services in the emirate were received by bitcoin exchanges Huobi, OKX, Blockchain.com, Crypto.com and Binance.
In February, the head of the latter, Changpeng Zhao, urged entrepreneurs to consider moving to countries with more favorable regulation. Among them, he named Dubai, Bahrain and France.
Recall that in August 2022, the Dubai Virtual Assets Regulatory Authority (VARA) published new rules governing the advertising and promotion of cryptocurrencies.
Earlier, VARA announced the opening of its office in the metaverse of The Sandbox project.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The Dubai Financial Services Authority (DFSA) has urged global regulators to start collaborative negotiations to prevent regulatory gaps in digital assets from being exploited. This is reported Bloomberg.
The head of the DFSA, Elizabeth Wallace, noted that the agency plans to update the local cryptocurrency legislation, presented in early 2022.
“We, as regulators, need to talk to each other more [по вопросам цифровых активов]because there can be quite a few gaps and we have seen a lot of unscrupulous players trying to take advantage of some of those gaps,” she said.
According to Wallace, the agency is concerned about the many crypto companies that carry out “a significant amount of operations under one roof.”
Dubai authorities see the potential in digital assets and are trying to support the industry. Previously, licenses for the provision of cryptocurrency services in the emirate were received by bitcoin exchanges Huobi, OKX, Blockchain.com, Crypto.com and Binance.
In February, the head of the latter, Changpeng Zhao, urged entrepreneurs to consider moving to countries with more favorable regulation. Among them, he named Dubai, Bahrain and France.
Recall that in August 2022, the Dubai Virtual Assets Regulatory Authority (VARA) published new rules governing the advertising and promotion of cryptocurrencies.
Earlier, VARA announced the opening of its office in the metaverse of The Sandbox project.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!