The head of the financial regulator of the United Arab Emirates (UAE) capital Abu Dhabi wants “proper” international regulation of cryptocurrency, local news outlet The National reports Wednesday, September 19.
Speaking during an interview at this week’s Fintech Abu Dhabi event, Richard Teng, head of the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), claimed that loss and theft of cryptocurrency negatively impacts its image as an asset.
“This space needs to be properly regulated, otherwise there is the risk of financial crime,” he said, noting:
“Every time a coin gets stolen or lost, it affects the confidence in this asset class.”
The comments mark the latest in a series of official opinions on cryptocurrencies to have emerged from the UAE in recent weeks.
This week, a Dubai police chief went on record to say digital currency would “soon replace” traditional cash, while other senior law enforcement officials called for the central bank to issue a national cryptocurrency.
ADGM, meanwhile, has long engaged with the crypto market, publishing guidelines last year, with Teng noting the organization had since shared its expertise with a number of international governments. Teng added:
“We are confident that our comprehensive regime — which we have shared with global regulators […] can address these risks and bring greater confidence into this asset class.”
All this week, the crypto market has been under a microscope both by politicians with regulatory power, and throughout the… Read More
You’ve probably heard of Bitcoin, the disruptive cryptocurrency rollercoastering up and down in value daily (today one coin is worth… Read More
watch nowVenture capitalist Tim Draper told CNBC on Friday that bitcoin is good for humanity and that federal regulators should… Read More
Born in 1899 in Vienna, Nobel Prize-winning economist F.A. Hayek is a legend of sorts in voluntaryist, libertarian, and crypto-economic… Read More
Hardfork Enables Completely Untraceable Currency Transactions at Low Cost, Precedes Upcoming Particl Open Marketplace Mainnet Launch Particl , the open-source… Read More