{"id":79374,"date":"2023-05-26T11:36:13","date_gmt":"2023-05-26T08:36:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79374"},"modified":"2025-09-11T10:41:06","modified_gmt":"2025-09-11T07:41:06","slug":"dubai-warns-of-risks-from-regulatory-gaps-in-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/dubai-warns-of-risks-from-regulatory-gaps-in-the-crypto-industry\/","title":{"rendered":"Dubai warns of risks from regulatory gaps in the crypto industry"},"content":{"rendered":"<p>The Dubai Financial Services Authority (DFSA) has urged global regulators to begin joint talks to prevent exploiting gaps in regulatory rules for digital assets. As reported by <a href=\\\"https:\/\/www.bloomberg.com\/news\/articles\/2023-05-26\/dubai-watchdog-warns-on-risks-of-crypto-s-global-regulatory-gaps?leadSource=uverify%20wall\\\">Bloomberg<\/a>.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>DFSA chief Elizabeth Wallace noted that the authority plans to update the local cryptocurrency legislation, <a href=\"https:\/\/forklog.com\/en\/news\/dubai-adopts-cryptocurrency-regulation-and-establishes-a-regulatory-authority\">presented<\/a> in early 2022.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cAs regulators, we need to talk to each other more about digital assets, because there can be quite a few gaps, and we have seen many unscrupulous players trying to exploit some of these oversights,\u201d she said.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>Wallace said the regulator is concerned about many crypto firms that conduct a substantial amount of activity under one roof.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Dubai authorities see potential in digital assets and are looking to support the sector. Previously, licenses to provide cryptocurrency services in the emirate were granted to Bitcoin exchanges <a href=\"https:\/\/forklog.com\/en\/news\/huobi-exchange-secures-dubai-regulators-provisional-approval\">Huobi<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/okx-granted-dubai-license\">OKX<\/a>, <a href=\\\"http:\/\/blockchain.com\\\">Blockchain.com<\/a>, <a href=\\\"http:\/\/crypto.com\\\">Crypto.com<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/binance-secures-licence-in-dubai\">Binance<\/a>.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In February, the head of the latter, Changpeng Zhao, <a href=\"https:\/\/forklog.com\/en\/news\/binance-ceo-identifies-favorable-countries-for-bitcoin-business\">called<\/a> on entrepreneurs to consider relocating to countries with more favourable regulation. Among them he named Dubai, Bahrain and France.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>As noted in August 2022, the Dubai Virtual Asset Regulatory Authority (VARA) <a href=\"https:\/\/forklog.com\/en\/news\/dubai-regulator-issues-new-rules-for-cryptocurrency-advertising\">published<\/a> new rules governing the advertising and promotion of cryptocurrencies. <\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Earlier VARA <a href=\"https:\/\/forklog.com\/en\/news\/dubai-regulator-to-open-office-in-the-sandbox-metaverse\">announced<\/a> the opening of its office in the metaverse project <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-sandbox-sand\">The Sandbox<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dubai Financial Services Authority (DFSA) urged global regulators to start joint talks to prevent exploiting gaps in regulatory rules for digital assets.<\/p>\n","protected":false},"author":1,"featured_media":79375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[272,36],"class_list":["post-79374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dubai","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=79374"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79374\/revisions"}],"predecessor-version":[{"id":79376,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79374\/revisions\/79376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/79375"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=79374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=79374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=79374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}