The head of the financial regulator of the capital of the United Arab Emirates (United Arab Emirates) Abu Dhabi wants a "correct" international regulation of cryptocurrency, local news The National reports Wednesday, September 19.
Speaking during an interview this week The Fintech Abu Dhabi event, Richard Teng, director of the Financial Services Authority of the Abu Dhabi Global Market (ADGM), said the loss and the theft of cryptocurrency have a negative impact on its image.
"This space must be properly regulated, otherwise there is the risk of financial crime," he said, noting:
"Every time a coin is stolen or lost, it affects trust in this class of activities. "
Comments mark the last of a series of official views on cryptocurrencies that have emerged from the United Arab Emirates in recent weeks
As reported by Cointelegraph, this month a formal regulation should emerge at national level in the United Arab Emirates for both the fintech and the nd Initial Coin Offerings (ICO).
This week, a Dubai police chief said the digital currency "will soon replace" traditional cash, while other senior law enforcement officials have asked the central bank to issue a national cryptocurrency.
ADGM, meanwhile, has long engaged with the encrypted market, publishing the guidelines last year, with Teng noting that the organization had since then shared its expertise with a certain number of international governments. Teng added:
"We are confident that our global regime – which we have shared with global regulators […] can address these risks and bring greater confidence in this asset class."
Recipients included the United States Securities and Exchange Commission (SEC), the UK Financial Conduct Authority and the Singapore Monetary Authority.