June 7, 2023

Elizabeth Wallace: Dubai will update the rules of crypto regulation

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Elizabeth Wallace: Dubai will update the rules of crypto regulation

Dubai Financial Services Authority (FSA),responsible for supervision in the field of crypto-regulation, announced the start of work on new rules to combat fraud, money laundering and terrorist financing.

The agency assured that updating the principles of the Dubai FSA will meet the regulatory requirements of global regulators and will allow synchronized collaboration with colleagues around the world.

FSA Deputy Director Elizabeth Wallace(Elisabeth Wallace) said that in response to the challenges of crime, the emirate's regulators will work with the global community to make it more difficult for attackers to exploit regulatory gaps in the cryptocurrency legislation of different jurisdictions.

“There are crypto scammers all over the world, and how can weregulators need to cooperate more with each other. There can be quite a lot of gaps in national legislation governing the crypto industry, and we have seen how unscrupulous players try to take advantage of these discrepancies for their own purposes,” said Elizabeth Wallace, speaking at a virtual conference on Friday, May 26.

Formerly Managing Director of Ripple in the countriesMiddle East and North Africa (MENA) Navin Gupta said that the approach to regulating the cryptocurrency industry in this region is much more progressive than in the United States.