Forum Hosted By UAE Financial Regulators To Discuss Future of Crypto Regulations

By Prashant Jha

As per reports from Emirates News Agency, the official news media outlet of the UAE, a forum on cryptocurrencies and fintech was jointly hosted by the United Arab Emirates Banks Federation (UBF) and the Abu Dhabi Global Market (ADGM) in the recent days. The report was published today, 17th March and it detailed the proceedings of the forum meeting.

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The meeting was held in the Abu Dhabi Global Market, in partnership with the Compliance Committee of the UBF. The forum was hosted with the intent to bring together experts and specialists within the crypto and fintech industry in order to brainstorm about the challenges affecting the industry and possible solutions for the same. At the same time, all prospects and opportunities for the industry were also discussed by these experts and industry insiders.

At the beginning of the forum meeting, ADGM communicated its regulatory objectives to those present and also discussed the salient features of its surveillance told and policy concerning virtual assets.

The experts discussed a number of different things at the forum, ranging from how the ADGM regulates cryptocurrencies and supervises their use to how new processes can be developed by banks and financial regulators together to reduce risks in regulating this particular space. In the light of the intense discussions that happened in this UAE forum, UBF Chairman Abdul Aziz Al-Ghurair commented:

“UBF is a strong advocate of the innovation that is disrupting the UAE financial services industry. We strongly believe in the importance of collaboration to facilitate this transformation and ensure it takes place seamlessly and successfully. Given the rapid emergence of new FinTech such as cryptocurrencies and other crypto assets, it is essential that we develop frameworks and regulations that govern these technologies and developments. With aspirations to become one of the foremost international hubs for finance, we must keep up with the rapid technological changes taking place across the sector. Ensuring a robust monetary and financial market environment is critical to this, and can only be achieved by protecting consumer rights and safeguarding market integrity.”

Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM, also expressed his enthusiasm for the event in the following words:

“We are pleased to partner UBF in this forum and create an opportunity to discuss the outlook and challenges presented by the changing dynamics of the banking industry.”