Dubai’s financial watchdog, the Dubai Financial Services Authority (DFSA), has raised concerns about regulatory gaps in the cryptocurrency market. Bad actors are reportedly exploiting these gaps to carry out illegal activities across the world, according to an associate director at the DFSA. The regulator plans to update its rules on crypto tokens later this year and expand the regulatory framework for issuing and trading crypto assets. The DFSA’s approach focuses on promoting innovation while ensuring the financial system’s integrity and investors’ protection. Despite the regulatory challenges, Dubai has emerged as a hub for the cryptocurrency industry, with several initiatives to promote adoption and development. The Dubai government has supported the nascent financial industry by launching the Dubai Blockchain Strategy and the DMCC Crypto Centre, a regulated environment for trading digital assets, among others. The city has invested significantly in developing its fintech ecosystem, focusing on the crypto industry.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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