Proper Regulations Will Boost Confidence in Cryptocurrency Sector: Abu Dhabi RegulatorThe regulatory chief of Abu Dhabis international financial center and free zone has called for tighter regulations for cryptocurrency trading and ICOs while recognizing the growing global industry.
Nearly a year after issuing its guidelines for cryptocurrencies and initial coin offerings (ICOs), effectively regulating the industry, the Financial Services Regulatory Authority (FSRA) is sharing its framework with its regulatory counterparts around the world.
This space needs to be properly regulated, otherwise there is the risk of financial crime, FSRA chief executive Richard Teng was quoted as saying by The National. Every time a coin gets stolen or lost, it affects the confidence in this asset class.
Notably, FSRA chief executive Richard Teng insists that a lot has changed over the past few months in a changing landscape that forgoes fears associated to cryptocurrencies to the recognition of a growing industry that requires guidelines to responsibly develop and encourage the sector.
He added:
We are confident that our comprehensive regime which we have shared with global regulators like the [U.S.] 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.
The Abu Dhabi regulators comments come at a time when lawmakers in the U.K. urged the government to prioritize regulation of the cryptocurrency and ICO space in a Treasury Committee report published today.
https://www.ccn.com/abu-dhabi-cryptocurrency-regulations/ Wow the government said the government will be good for crypto. Sadly I believe most of the forum here thinks we need the government to take this over to be success. Come on guys believe in yourself. You can protect yourself from hackers with a bit security precautions. You don't need to hand over half your income to be protected. They sell you security for your freedom. WAKE UP.