Regulators Need To Talk More About Crypto Regulations: Dubai

Dubai is recommending a collaborative approach to shut down regulators around the worldDifference in e crypto rules.

The Web3 industry operates without any limitation of geographical boundaries. While this feature is a boon for global innovation, bad actors can take undue advantage and use it to commit various crimes.

Dubai urges regulators to talk more

According to Bloomberg, Dubai is seeking a collaborative approach from global regulators to combat crypto crimes. As crypto operates under different jurisdictions, communication between regulators is required.

Elizabeth Wallace, an associate director at the Financial Services Authority of Dubai, said:

“A lot of crypto businesses operate significant activities within one umbrella and this really concerns us. They are all over the world and as regulators, we need to talk to each other a lot more in this area Because there can be some gaps, and we’ve seen a lot of bad actors trying to fill those gaps.

Dubai, with the aim of becoming a crypto hub, is working to draft concrete crypto regulations. In February, the city issued a rulebook for crypto service providers, and failure to comply with them can result in fines of up to 500,000 AED ($136,165).

Companion Crypto Exchange

Meanwhile, the European Union (EU) recently passed the Market in Crypto-Assets (MICA) laws for crypto regulation. The 27 EU countries will work together to implement the MiCA law, which aims to plug loopholes in systems that allow tax avoidance.

Similarly, India’s Finance Minister Nirmala Sitharaman has urged countries to develop a global policy approach to crypto regulations.

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