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Crypto asset regulations necessary, says UAE Banks Federation Chairman

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Crypto asset regulations necessary; says Chairman of UAE Banks Federation
Source: Pixabay

Abu Dhabi Global Market [ADGM] and United Arab Emirates Banks Federation [UBF] organized a collaborative forum on fintech and cryptocurrency. The forum proposed a strong push to structure framework, and regulate the crypto-asset space.

Abdul Aziz Al-Ghurair, Chairman of UAE Banks Federation, while emphasizing about the latest cryptocurrencies and digital assets in the fintech space stated,

“UBF is a strong advocate of the innovation that is disrupting the UAE financial services industry. We strongly believe in the importance of collaboration to facilitate this transformation and ensure it takes place seamlessly and successfully.”

The Chairman further stated that in order to become ”one of the foremost international hubs for finance,” it was necessary to maintain pace with rapidly evolving technological innovations, which can only be achieved by protecting consumer rights and market integrity.

The joint ADGM and UBF Compliance Committee forum was hosted to build a bridge between regulatory entities and legacy financial institutions to highlight the importance of introducing cryptocurrency activities securely into the traditional financial services ecosystem. To mould the international financial space, various industry experts were pooled in to explore its trends, challenges, and opportunities.

The ADGM, presented its policy objectives and features which is the groundwork for its digital asset regulatory structure. The framework, released in June 2018, outlined different aspects including exchanges, custodians, brokers, management as well as surveillance tools in the market to minimize the chances of crimes associated with the crypto transactions.

Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM, said,



“This event highlighted the importance and power of collaboration between regulatory authorities and financial institutions in building the trust and commitment needed to introduce FinTech activities securely into the financial services sector”

The ‘joint approach’ on how the traditional institutions and financial watchdogs should jointly address the crypto regulatory framework echoed the event.

Earlier this year, six commercial banks from Saudi Arabia and the United Arab Emirates [UAE] had reported having joined a digital currency project following an agreement by the authorities of the two nation-states to create a new digital asset for facilitating transactions.





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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market

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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
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Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.

Yang said on Twitter,

“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”

On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.



The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.

Source: Yang2020

Source: Yang2020

Fang, a Twitter user, said,

“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”





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