Abu Dhabi seeks regulations for cryptocurrency and ICO to deter “financial crimes”
After almost a year of issuing guidelines on cryptocurrencies and initial coin offerings (ICOs), Abu Dhabi is planning to tighten its regulations for cryptocurrencies and ICOs. The step is being taken in order to avert "financial crime" in the world of digital currencies. The Financial Services Regulatory Authority (FSRA) is sharing its framework with other regulatory bodies across the globe.
The regulator of Abu Dhabi started talking about the regulations not only when the global market of virtual currencies is taking an upward graph, but also as the UK is trying to prioritize regulations of the cryptocurrency and ICO space.
What is the FSRA chief executive saying about cryptocurrency and ICO?
Richard Teng, the chief executive of FSRA, believes that the regulations will help to boost the crypto space and develop the virtual currencies responsibly. He said: “This space needs to be properly regulated, otherwise there is the risk of financial crime. Every time a coin gets stolen or lost, it affects the confidence in this asset class."
Adding further, he stated: “We are confident that our comprehensive regime – which we have shared with global regulators like the [US] SEC, the UK Treasury, Financial Conduct Authority and Bank of England, and regulators in Singapore, Hong Kong and Japan – can address these risks and bring greater confidence into this asset class.”
Image via Shutterstock
Join our Telegram group