The agency assured that the Dubai FSA’s updated principles will meet the regulatory requirements of global regulators and allow it to synchronize collaborative work with counterparts around the world.
FSA deputy director Elisabeth Wallace said that in response to crime challenges, the emirate’s regulators will work with the global community to make it harder for attackers to exploit regulatory gaps in cryptocurrency laws across jurisdictions.
“There are cryptojackers 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 exploit those differences for their own gain,” said Elizabeth Wallace, speaking at a virtual conference on Friday, May 26.
Earlier, Navin Gupta, managing director of Ripple in the Middle East and North Africa (MENA), said that the approach to regulating the cryptocurrency industry in that region is much more progressive than in the United States.