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The cryptocurrency industry, which lost more than $ 1.1 billion in theft in the first half of 2018, must strengthen its confidence to win investor confidence or risk losing public confidence completely, analysts said .
"Cryptocurrencies allow users to keep their money without the need for a bank," said Andrea Bonaceto, CEO of Eterna Capital, a London-based fund management company The national team.
But it can not be up to people to protect themselves, said Bonaceto, adding that "in many jurisdictions all over the world we are witnessing regulatory pressure on trade to strengthen their security".
The United Arab Emirates, the second largest Arab economy, will become part of the main global financial markets that regulate cryptocurrencies, with the rules for the initial offer of coins to be finalized by mid-2019. Abu Dhabi Global Market and the Dubai International Financial Center, two of the fastest growing financial centers in the region, are both willing to implement crypto-exchange legislation in 2019.
The cryptocurrency market is huge, with around 12,000 exchange markets in which cryptocurrencies like Bitcoin, Ethereum and other digital currencies are traded – a real buffet for hackers to choose from, according to the information security company Carbon Black.
Account details, known as cryptocurrency private keys, may be violated if not properly protected and the funds held in such accounts may be stolen.
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"Many of the cryptographic applications lack security to prevent hackers from stealing private keys and wallet addresses," said David Schoenberger, chief innovation officer of a digital security company Krypti The national team.
Even before the data is recorded in the blockchain and distributed, hackers can steal the value, Schoenberger warned, adding that as long as security is not fully implemented, the cryptocurrency will not go beyond its speculative reputation of the Wild West.
"For the consumer, it is very difficult to invest or use when almost all hacker attacks occur almost daily," said Schoenberger.
IT security is too often thought of as a technical issue, whereas in reality it is a risk management problem, Hans Fraikin, CEO of the Libra project in Abu Dhabi, which is issuing equity tokens in green infrastructure, he said The national team.
"The real risk lies in the lack of security measures implemented by certain exchanges and suppliers of portfolios with which cryptocurrencies are associated", he added. "It is essential to comfort our investors," said Fraikin.
Updated: 3 January 2019 05:37
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