Lets Talk Crypto Regulations: Dubai Regulators Speak Up

Lets Talk Crypto Regulations: Dubai Regulators Speak Up

Dubai urges global regulators to collaborate in tackling crypto crimes and closing regulatory gaps, as bad actors can take advantage of the lack of geographical limitations in the Web3 industry.

Dubai is recommending regulatory authorities around the globe take a collaborative approach to close the gap in cryptocurrency regulations.

The Web 3.0 industry operates without any limitations of geographical boundaries. Although while this feature is a boon for worldwide innovation, bad actors can take undue advantage and use it to commit numerous crimes.

Dubai Urges Regulatory authorities to Talk More

Reports by Bloomberg, Dubai is calling for a collaborative approach from worldwide regulatory authorities to tackle cryptocurrency crimes. As cryptocurrency operates under numerous jurisdictions, communication betwixt regulatory authorities is needed.

Elisabeth Wallace, an associate director at Dubai’s Financial Service Authority, said:

“ Many of cryptocurrency enterprises tend to operate a whole lot of number of activities within one umbrella and that really concerns us. They are across the whole 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.”

Dubai, with its intend to become a cryptocurrency hub, has been working to draft solid cryptocurrency regulations. In February, the city released rulebooks for cryptocurrency service providers, and failure to compile with them may result in a fine of up to 500,000 AED ($136,165)

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Collaborative Cryptocurrency Regulations

In the meantime, the European Union (EU) recently passed the Market in Crypto-Assets (MiCA) laws for cryptocurrency regulation. The 27 countries of the EU will work together on implementing MiCA legislation that aims at closing the loopholes in the systems that allow tax avoidance.

Similarly, Nirmala Sitharaman, the Finance Minister of India, has urged the countries to develop a worldwide policy approach for cryptocurrency regulations. 


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