Crypto asset regulations necessary, says UAE Banks Federation Chairman

Abu Dhabi Global Market [ADGM] and United Arab Emirates Banks Federation [UBF] organized a collaborative forum on fintech and cryptocurrency. The forum proposed a strong push to structure framework, and regulate the crypto-asset space.

Abdul Aziz Al-Ghurair, Chairman of UAE Banks Federation, while emphasizing about the latest cryptocurrencies and digital assets in the fintech space stated,

“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.”

The Chairman further stated that in order to become ”one of the foremost international hubs for finance,” it was necessary to maintain pace with rapidly evolving technological innovations, which can only be achieved by protecting consumer rights and market integrity.

The joint ADGM and UBF Compliance Committee forum was hosted to build a bridge between regulatory entities and legacy financial institutions to highlight the importance of introducing cryptocurrency activities securely into the traditional financial services ecosystem. To mould the international financial space, various industry experts were pooled in to explore its trends, challenges, and opportunities.

The ADGM, presented its policy objectives and features which is the groundwork for its digital asset regulatory structure. The framework, released in June 2018, outlined different aspects including exchanges, custodians, brokers, management as well as surveillance tools in the market to minimize the chances of crimes associated with the crypto transactions.

Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM, said,

“This event highlighted the importance and power of collaboration between regulatory authorities and financial institutions in building the trust and commitment needed to introduce FinTech activities securely into the financial services sector”

The ‘joint approach’ on how the traditional institutions and financial watchdogs should jointly address the crypto regulatory framework echoed the event.

Earlier this year, six commercial banks from Saudi Arabia and the United Arab Emirates [UAE] had reported having joined a digital currency project following an agreement by the authorities of the two nation-states to create a new digital asset for facilitating transactions.

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