Another blow for the cryptocurrency industries, The Dubai Financial Authority is working in order to make a crypto related regulation for this Year, It’s their own target to set up a good pattern for the cryptocurrency consultation. They are going to focus on local cryptocurrency innovation and which may bring a good market for this crypto platform. It’s not only a regulation process but also a business plan for the coming 2021/2022 years. So it can be assumed that Dubai could be the next suitable area for the cryptocurrency people.
An important person from Dubai Financial Authority has said that “We will build upon recent achievements in this space over the business planning period through developing a regulatory regime for digital assets (such as tokenized securities and crypto-currencies), having already implemented regulations supporting various innovative business models.”
Basically, they are going to make at least two types of consulting papers by which they could get good feedback for making a suitable regulation, it also depends on the expert’s opinion because this regulation will also be used against the money laundering act, He said also “We will set out the obligations firms will need to meet to protect consumers, to ensure market integrity, to run their businesses soundly, and to meet AML and CTF obligations, when carrying on business using digital tokens of all sorts.” That’s why it might be a worthy project for the financial sector.