Dubai’s financial regulator has argued that global watchers need to be in active communication to close gaps in crypto rules.
For the crypto industry, 2023 continues to be a year of regulatory talk. In 2022, which is completed with the FTX crisis, it is aimed to provide a regulatory clarity for investors. The European Union attracted attention by taking steps in this regard with MiCA.
Commenting on crypto regulations, the Dubai regulator stated that global watchers and regulators should work together.
Dubai Editor: Global Communication Matters
Dubai Financial Services Authority is making a concerted effort to regulate crypto and remove bad actors from the industry.
Elisabeth Wallace, who serves as the vice principal at the regulator, spoke about the legal dimension of the crypto industry. Wallece said it is worrying that so many crypto companies tend to operate under one roof. Wallace said that this situation gives them anxiety.
Wallece stated that crypto organizations are involved all over the world and therefore global regulators need to be in touch. Thinking that bad actors are trying to take advantage of the loopholes, Wallace thinks more talking would work.
The fact that crypto entities are registered in islands around the world or moving away from the central authority has come to the attention of the Dubai regulator.
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