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The head of the international financial center and the Abu Dhabi free zone has called for stricter rules for the trading of cryptocurrencies and ICOs, recognizing the growing global industry.
Nearly one year after issuing cryptocurrency guidelines and initial coin offerings (ICOs), by effectively regulating the industry, the Financial Services Regulatory Authority (FSRA) shares its framework with its regulatory counterparts throughout the world.
"This space must be properly regulated, otherwise there is the risk of financial crime," said FSRA CEO Richard Teng according to The National. "Every time a currency is stolen or lost, it affects trust in this asset class."
In particular, FSRA CEO Richard Teng insists that "much has changed" in recent months in a landscape that changes his fears associated with cryptocurrencies for the recognition of a growing industry that requires lines guidance to develop responsibly and encourage the industry.
He added:
"We are confident that our global regime – that we have shared with global regulators such as [U.S.] SEC, the British Treasury, the Financial Conduct Authority and the Bank of England and the authorities of regulation of Singapore, Hong Kong and Japan can face these risks and bring more confidence in this asset class. "
The comments of the regulator of Abu Dhabi come to a time when lawmakers in the UK have urged the government to give priority the regulation of cryptocurrency and ICO space in a report by the Treasury Committee published today.
One of the first financial cies In 2005, the global Abu Dhabi market (ADGM) strengthened the FSRA regulatory framework for cryptocurrency firms operating in the area in June. The regulation, which includes clauses for foreign exchange operators and encryption companies (portfolios), believes that cryptocurrencies are raw materials similar to precious metals.
"[W] and has many challenges in regulating something that has been designed not to be Regulated," FSRA's Capital Markets Director Wai Lum Qwok said he regulates cryptocurrencies as bitcoins last year. insists that the authority is open to the idea in the future.
A member of the R3-led banking-centric blockchain consortium, the ADGM acknowledged the advent of cryptocurrencies as a payment method at the start of this year, despite the central bank of the # 39; Saudi Arabia that has outlawed bitcoin trade in the neighboring country.
The Abu Dhabi Authority said at the start of this year:
"The FSRA notes that virtual currencies, although not legal tender, are gaining interest in global level as a means of exchange of goods and services. "
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