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Dubai Urges Global Regulators to Close Crypto Gap and Unite Against Bad Actors

2 mins
26 May 2023, 10:30 GMT+0000
Updated by Geraint Price
26 May 2023, 10:30 GMT+0000
In Brief
  • Dubai is calling for a collaborative approach from global regulators to tackle crypto crime.
  • This is because the Web3 industry operates without any geographical limitations.
  • The EU recently passed MiCA legislation which would be implemented by the bloc.
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Dubai is recommending regulators around the world take a collaborative approach to close the gap in crypto regulations.

The Web3 industry operates without any limitations 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 calling for a collaborative approach from global regulators to tackle crypto crimes. As crypto operates under various jurisdictions, communication between regulators is needed.

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

“A lot of crypto businesses tend to operate a significant number of activities within one umbrella and that really concerns us. They are across the whole world and as regulators, we need to talk to each other a lot more in this area because there can be quite a few gaps, and we have seen a lot of bad actors trying to plug some of those gaps.”

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

Collaborative Crypto Regulations

Meanwhile, the European Union (EU) recently passed the Market in Crypto-Assets (MiCA) laws for crypto 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 nations to develop a global policy approach for crypto regulations. 

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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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