|Sep 20, 2018 12:00 AM||By: John Patrick Mullin | 2446 Views|
The head of the financial regulator of the United Arab Emirates (UAE) capital Abu Dhabi requires “proper” international law of cryptocurrency, local news outlet The National states Wednesday, September 19.
Conversing during an interview at this week’s Fintech Abu Dhabi event, Richard Teng, head of the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), declared that loss and theft of cryptocurrency negatively affect its image as an asset.
“This space needs to be properly regulated. Otherwise, there is the risk of financial crime,” he stated, noting:
“Every time a coin gets stolen or lost, it affects the confidence in this asset class.”
The observations mark the latest in a series of official views on cryptocurrencies to have developed from the UAE in recent weeks.
This week, a Dubai police chief went on the report to say digital currency would “soon replace” traditional cash, while other superior law enforcement officials described for the central bank to begin a national cryptocurrency.
ADGM, while, has long involved with the crypto market, publishing guidelines last year, with Teng seeing the company had since shared its expertise with some international regulations. Teng added:
“We are confident that our comprehensive regime — which we have shared with global regulators […] can address these risks and bring greater confidence into this asset class.”
Recipients figured the U.S. Securities and Exchange Commission (SEC), the UK’s Financial Conduct Authority, and the Monetary Authority of Singapore.