Dubai is advocating for a unified strategy from international regulators to combat cryptocurrency-related crimes, as reported by Bloomberg. Due to the diverse jurisdictions under which cryptocurrencies operate, enhanced collaboration and communication among regulatory authorities is paramount.
Elisabeth Wallace, Associate Director at Dubai’s Financial Service Authority, expressed concern about crypto businesses’ global operations. “Crypto businesses often conduct a multitude of activities under one umbrella, and this worries us. Being distributed worldwide, there’s an urgent need for regulatory bodies to communicate more in this domain. We’ve noticed many exploitative actors taking advantage of these regulatory gaps,” Wallace said.
Keen on establishing itself as a hub for crypto activities, Dubai has been diligently drafting rigorous cryptocurrency regulations. In February, the city introduced guidelines for crypto service providers. Non-compliance could lead to a hefty fine of up to AED 500,000 ($136,165).
On a similar note, the European Union (EU) recently approved the Market in Crypto-Assets (MiCA) laws for cryptocurrency regulation. All 27 EU nations are committed to implementing the MiCA legislation, aiming to seal the systemic loopholes that enable tax evasion.
Parallelly, India’s Finance Minister, Nirmala Sitharaman, has encouraged nations to evolve a uniform policy for crypto regulations. Sitharaman’s call for global policy synchronisation aligns with the increasing emphasis on coordinated international efforts to ensure a safe and legally compliant crypto environment.
