March 28, 2024

Elizabeth Wallace: Dubai will update the rules of crypto regulation

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Elizabeth Wallace: Dubai will update the rules of crypto regulation

The Dubai Financial Services Authority (FSA), which is responsible for overseeing crypto regulation, has announced the start of work on new rules to combat fraud, money laundering and terrorist financing.

The agency assured that the update of Dubai's FSA principles will meet the regulatory requirements of global regulators and will allowSynchronize collaboration with colleagues around the world.

FSA Deputy Director Elisabeth Wallace said that in responseIn response to the challenges of crime, the emirate's regulators will cooperate 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 we as regulators need to cooperate more with each other.There can be quite a few gaps in national laws governing the crypto industry, and we've seen unscrupulous players try to take advantage of these discrepancies for their own gain," Elizabeth saidWallace, speaking at a virtual conference on Friday, May 26.

Previously Managing Director of Ripple in 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.