Collaboration Key to Fighting Scams in Dubai, Says Watchdog

Collaboration Key to Fighting Scams in Dubai, Says Watchdog

Dubai’s Financial Services Authority (FSA) stresses the importance of global regulators communicating and collaborating to prevent rogue actors from exploiting regulatory gaps in cryptocurrency rules.

Dubai’s Financial Services Authority (FSA) has was known for more communication and collaboration betwixt worldwide financial regulatory authorities to make it harder for rogue actors to exploit cryptocurrency regulatory loopholes across numerous jurisdictions.

As Bitcoin (BTC) (BTC) and other digital currencies continue their slow match toward mainstream adoption, with an estimated 420 Million people around the globe now using these nascent digital assets, the need for amenable regulations that would foster consumer safety and curb illicit practices cannot be overemphasized.

In the latest development, the Dubai Financial Services Authority (FSA), an agency responsible 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.

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Speaking at a virtual conference on May 26, FSA associate director Elisabeth Wallace clarified that  regulatory 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 Web 3.0 enterprises tend to go beyond the regulatory boundaries in their business activities by offering numerous products and services under one umbrella.

“They are across the world and as regulatory authorities, we need talk to each other a lot more in this area because there can be quite several  gaps and we have seen many of bad actors attempting to plug some of those gaps.”

Elisabeth Wallace, associate director at the FSA

Thanks to its amenable cryptocurrency regulations, the United Arab Emirates (UAE) is increasingly becoming a hotbed for Bitcoin (BTC) (BTC) linked businesses. 

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A year ago, Dubai’s Virtual Assets Regulatory Authority (VARA) introduced new regulations for cryptocurrency enterprises to mitigate dangers and provide an enabling environment for them to thrive. 


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