United

Read

<p class="is-style-lead">Dubai’s Financial Services Authority (FSA) has called for more communication and collaboration between global financial regulators to make it harder for rogue actors to exploit crypto regulatory loopholes across various jurisdictions.</p>



<p>As bitcoin (<a href="https://crypto.news/bitcoin-price/">BTC</a>) and other cryptocurrencies continue their slow match toward mainstream adoption, with an estimated 420 million people around the world now using these nascent digital assets, the need for amenable regulations that would foster consumer protection and curb illicit practices cannot be overemphasized.</p>



<p>In the latest development, the Dubai Financial Services Authority (FSA), an agency in charge of supervising and enforcing anti-money laundering (<a href="https://crypto.news/finra-fines-morgan-stanley-5-million-sub-standard-anti-money-laundering-practices/">AML</a>) and counter-terrorist financing (CTF) rules in the region, has buttressed the need for global regulatory agencies to work together.</p>



<p>Speaking at a virtual conference on May 26, FSA associate director Elisabeth Wallace made it clear that regulators across various jurisdictions need to communicate and collaborate more, to make it harder for bad actors to exploit regulatory gaps in crypto rules.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href=" https://crypto.news/dubai-free-zone-is-home-to-over-500-crypto-startups/" class="cn-block-related-link__link">
            Dubai Free Zone is home to over 500 crypto startups        </a>

    
</div>


<p>Wallace hinted that many web3 businesses tend to go beyond the regulatory boundaries in their business activities by offering many products and services under one umbrella.</p>



<blockquote class="wp-block-quote">
<p>“They are across the world and as regulators, we need to talk to each other a lot more in this area because there can be quite a few gaps and we have seen a lot of bad actors trying to plug some of those gaps.”</p>
<cite>Elisabeth Wallace, <a href="https://www.bloomberg.com/news/articles/2023-05-26/dubai-watchdog-warns-on-risks-of-crypto-s-global-regulatory-gaps/" target="_blank" rel="noopener">associate director at the FSA</a></cite></blockquote>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="Moving to Dubai &amp; CRYPTO Regulations: Interview With Crypto Lawyer!" width="1020" height="574" src="https://www.youtube.com/embed/834CXuWpzLY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>Thanks to its amenable crypto regulations, the United Arab Emirates (UAE) is increasingly becoming a <a href="http://v" target="_blank">hotbed</a> for bitcoin (BTC) linked businesses.&nbsp;</p>



<p>Last year, Dubai’s Virtual Assets Regulatory Authority (VARA) introduced <a href="https://crypto.news/dubai-creates-regulatory-requirements-for-crypto-companies/">new rules</a> for crypto businesses to mitigate risks and provide an enabling environment for them to thrive. </p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href=" https://crypto.news/dubais-smart-city-plans-and-role-of-crypto/" class="cn-block-related-link__link">
            Dubai’s smart city plans and role of crypto        </a>

    
</div>

Dubai calls for more collaboration between watchdogs to combat scams

crypto.news

在 2023年5月26日發表的其他文章

Automating TWAP Execution on Perpetual Protocol

BANANO Monthly Update #60 (April 2023)

OpenAI Threatens European Exit Amid Proposed AI Regulations

Crypto Competition Time With DogeMiyagi, CoinMarketCap And Crypto.com!

IDEAS 💡 - IDEAS DAO!

USBTC Acquires Celsius’ Assets to Become Lead Miner in the US

訂閱免費電子報，每天收取加密貨幣最新動態！