Dubaiโs Financial Services Authority (FSA) has wasย known for more communication and collaboration betwixt worldwide financial regulatoryย authorities to make it harder for rogue actors to exploit cryptocurrency regulatory loopholes across numerous jurisdictions.
As Bitcoinย (BTC) (BTC) and other digitalย currencies continue their slow match toward mainstream adoption, with an estimated 420 Million people aroundย theย globe now using these nascent digital assets, the need for amenable regulations that would foster consumerย safety and curb illicit practices cannot be overemphasized.
In the latest development, the Dubai Financial Services Authority (FSA), an agency responsibleย for supervising and enforcing anti-money laundering (AML) and counter-terrorist financing (CTF) regulations in the region, has buttressed the need for worldwide regulatory agencies to work together.
Speaking at a virtual conference on May 26, FSA associate director Elisabeth Wallace clarifiedย thatย regulatoryย authorities across numerous jurisdictions must communicate and collaborate more, to make it harder for bad actors to exploit regulatory gaps in cryptocurrency rules.
Wallace intimated that numerous Webย 3.0 enterprises tend to go beyond the regulatory boundaries in their business activities by offering numerous products and services under one umbrella.
โThey are across the world and as regulatoryย authorities, weย need talk to each other a lot more in this area because there can be quite severalย gaps and we have seen manyย of bad actors attemptingย to plug some of those gaps.โ
Elisabeth Wallace, associate director at the FSA
Thanks to its amenable cryptocurrency regulations, the United Arab Emirates (UAE) is increasingly becoming a hotbed for Bitcoinย (BTC) (BTC) linked businesses.ย
Aย yearย ago, Dubaiโs Virtual Assets Regulatory Authority (VARA) introduced new regulations for cryptocurrency enterprises to mitigate dangers and provide an enabling environment for them to thrive.ย
