Proper Regulations Will Boost Confidence in Cryptocurrency Sector: Abu Dhabi Reg

[HappyWhiteHuman]

Proper Regulations Will Boost Confidence in Cryptocurrency Sector: Abu Dhabi Regulator
The regulatory chief of Abu Dhabi’s international financial center and free zone has called for tighter regulations for cryptocurrency trading and ICOs while recognizing the growing global industry.

Nearly a year after issuing its guidelines for cryptocurrencies and initial coin offerings (ICOs), effectively regulating the industry, the Financial Services Regulatory Authority (FSRA) is sharing its framework with its regulatory counterparts around the world.

“This space needs to be properly regulated, otherwise there is the risk of financial crime,” FSRA chief executive Richard Teng was quoted as saying by The National. “Every time a coin gets stolen or lost, it affects the confidence in this asset class.”

Notably, FSRA chief executive Richard Teng insists that “a lot has changed” over the past few months in a changing landscape that forgoes fears associated to cryptocurrencies to the recognition of a growing industry that requires guidelines to responsibly develop and encourage the sector.

He added:

“We are confident that our comprehensive regime – which we have shared with global regulators like the [U.S.] SEC, the UK Treasury, Financial Conduct Authority and Bank of England, and regulators in Singapore, Hong Kong and Japan – can address these risks and bring greater confidence into this asset class.”

The Abu Dhabi regulator’s comments come at a time when lawmakers in the U.K. urged the government to prioritize regulation of the cryptocurrency and ICO space in a Treasury Committee report published today.
https://www.ccn.com/abu-dhabi-cryptocurrency-regulations/

[ss890]

Ahh! That is something innovative talk from the Abu which you have mentioned here. I guess this nation is really trying to acquire good control over the crypto currency and they have seen the brighter future in it. The gulf countries are among those who know how to make use of new things and technologies that comes there way. They know how to shape it for their own benefit and this is what is happening here.

They might just bring up the regulations in such way that most common person in their country will be able to use the crypto coins in similar way they use the oil or gold and other assets. With that they will bring new asset like crypto currency and might just spark the countries with its use for sure. 

[Slow death]

He said this:

Proper Regulations Will Boost Confidence in Cryptocurrency Sector: Abu Dhabi Regulator

And then says this:

The regulatory chief of Abu Dhabi’s international financial center and free zone has called for tighter regulations for cryptocurrency trading and ICOs while recognizing the growing global industry.

So what would these " tighter regulations " be? should not they strive to implement regulations that benefit government and citizens?

“This space needs to be properly regulated, otherwise there is the risk of financial crime,” FSRA chief executive Richard

He does not seem to live on our planet.

[avikz]

I am in complete agreement with OP here. If proper regulation is framed by a government, it will help in cryptocurrency in many ways but most notably in two ways,

1. Confidence boost to the local merchants for using cryptos as a medium of exchange.

2. A major percentage of conventional investors including corporates will enter the market.

These two changes will have a long lasting effect in crypto market and we will be able to see a sustainable growth along with it. Japan and Germany have already shown the way.

[KrishaBitcoin]

So it is clear that the country of UAE is fully supporting Crypto currency existence. It is true that regulating it properly well make this investment more reliable and strong because it will attract more people to join Crypto investment because they are confidence of its legal use. I just hope that other muslim country will do the same.

[KS03]

Proper Regulations Will Boost Confidence in Cryptocurrency Sector: Abu Dhabi Regulator
The regulatory chief of Abu Dhabi’s international financial center and free zone has called for tighter regulations for cryptocurrency trading and ICOs while recognizing the growing global industry.

Nearly a year after issuing its guidelines for cryptocurrencies and initial coin offerings (ICOs), effectively regulating the industry, the Financial Services Regulatory Authority (FSRA) is sharing its framework with its regulatory counterparts around the world.

“This space needs to be properly regulated, otherwise there is the risk of financial crime,” FSRA chief executive Richard Teng was quoted as saying by The National. “Every time a coin gets stolen or lost, it affects the confidence in this asset class.”

Notably, FSRA chief executive Richard Teng insists that “a lot has changed” over the past few months in a changing landscape that forgoes fears associated to cryptocurrencies to the recognition of a growing industry that requires guidelines to responsibly develop and encourage the sector.

He added:

“We are confident that our comprehensive regime – which we have shared with global regulators like the [U.S.] SEC, the UK Treasury, Financial Conduct Authority and Bank of England, and regulators in Singapore, Hong Kong and Japan – can address these risks and bring greater confidence into this asset class.”

The Abu Dhabi regulator’s comments come at a time when lawmakers in the U.K. urged the government to prioritize regulation of the cryptocurrency and ICO space in a Treasury Committee report published today.
https://www.ccn.com/abu-dhabi-cryptocurrency-regulations/

Wow the government said the government will be good for crypto.  Sadly I believe most of the forum here thinks we need the government to take this over to be success.  Come on guys believe in yourself.  You can protect yourself from hackers with a bit security precautions.  You don't need to hand over half your income to be protected.  They sell you security for your freedom.  WAKE UP. 

[Indrawan77]

I personally don't like the interference from the government, but we need the government permit to grow bigger, so I think the proper mid way solution is to regulate crypto, the peoblem now lies in how tight the government going to bind crypto, the proper regulation going to make crypto become bigger

[Binugon]

Proper Regulations Will Boost Confidence in Cryptocurrency Sector: Abu Dhabi Regulator
The regulatory chief of Abu Dhabi’s international financial center and free zone has called for tighter regulations for cryptocurrency trading and ICOs while recognizing the growing global industry.

Nearly a year after issuing its guidelines for cryptocurrencies and initial coin offerings (ICOs), effectively regulating the industry, the Financial Services Regulatory Authority (FSRA) is sharing its framework with its regulatory counterparts around the world.

“This space needs to be properly regulated, otherwise there is the risk of financial crime,” FSRA chief executive Richard Teng was quoted as saying by The National. “Every time a coin gets stolen or lost, it affects the confidence in this asset class.”

Notably, FSRA chief executive Richard Teng insists that “a lot has changed” over the past few months in a changing landscape that forgoes fears associated to cryptocurrencies to the recognition of a growing industry that requires guidelines to responsibly develop and encourage the sector.

He added:

“We are confident that our comprehensive regime – which we have shared with global regulators like the [U.S.] SEC, the UK Treasury, Financial Conduct Authority and Bank of England, and regulators in Singapore, Hong Kong and Japan – can address these risks and bring greater confidence into this asset class.”

The Abu Dhabi regulator’s comments come at a time when lawmakers in the U.K. urged the government to prioritize regulation of the cryptocurrency and ICO space in a Treasury Committee report published today.
https://www.ccn.com/abu-dhabi-cryptocurrency-regulations/

This is a good input and concern for cryptocurrency, with an anonymous account fraudsters or hackers can freely carry out actions that can cause concern for new or old investors, there needs to be a clear rule and make sense of security and comfort in cryptocurrency activities

[tosmartak]

Regulation truly will help a great deal and there is no doubt about that. Gone are those days when some people think regulation will make the whole space centralized, but they have always gotten the wrong picture. Protocol makes everything remains decentralized as long as it has not changed, and whatever it is that will be done by the government in terms of regulation will only be tied to the activities and therefore subdue all the illegal activities we see today, make the space more matured, bring about growth and more adoption and everyone will simply be happy as we all keep benefitting from the value it creates.

[justspare]

Ahh! That is something innovative talk from the Abu which you have mentioned here. I guess this nation is really trying to acquire good control over the crypto currency and they have seen the brighter future in it. The gulf countries are among those who know how to make use of new things and technologies that comes there way. They know how to shape it for their own benefit and this is what is happening here.

They might just bring up the regulations in such way that most common person in their country will be able to use the crypto coins in similar way they use the oil or gold and other assets. With that they will bring new asset like crypto currency and might just spark the countries with its use for sure. 

Yeah, the bright future is certainly there and it would take a bright government to realize that quickly which is why Japan took a bold step of regulation among others. There is a huge risk because certainly everyone is busy doing whatever they feel like and for that reason we tend to see a lot of people getting scammed, losing their money, and so on.

With all these in place, it would be hard for growth to take place, and with regulation, no matter how crazy it may sound; it will bring about the growth and mainstream adoption as the case may be. It is a great priority at the moment because all that we have seen so far from the onset shows that people are susceptible to destroying things if they are not controlled.

[davis196]

“This space needs to be properly regulated, otherwise there is the risk of financial crime,”

This is stupid.Financial crimes usually break the regulatory rules.That's why they are crimes.
Having more rules (or better rules) doesn't mean that the financial crimes will eventually stop or atleast decrease as a quantity. The term "proper regulations" is very unclear.Some people think that a crypto ban is a  "proper regulation".

[Hydrogen]

“This space needs to be properly regulated, otherwise there is the risk of financial crime,” FSRA chief executive Richard Teng was quoted as saying by The National. “Every time a coin gets stolen or lost, it affects the confidence in this asset class.”

That quotation doesn't make much sense.

Regulation usually doesn't do anything to increase security. There are instances where regulation makes things worse. An example of this is governments pushing to weaken encryption standards. The regulatory push to standardize backdoors built into many software and hardware platforms is another example of regulation weakening security.

Government security standards also tend to be open to criticism. An example of this is Hillary Clinton's well known server containing classified information being located in a bathroom closet. The USA is known to have spent trillions of dollars developing stealth fighter planes and it is known that a good portion of data related to defense stealth programs was hacked and stolen by foreign nations, including china who used the information to develop their J-20 stealth fighter much quicker and easier than they otherwise would have.

If you look at security grades for government or state run institutions(in the USA), they never get top grades which would be an A+.

Instead, they typically get very low grades D's and F's.

The idea that regulating industries makes them more secure may be open to scrutiny.

[barbara44]

Proper Regulations Will Boost Confidence in Cryptocurrency Sector: Abu Dhabi Regulator
The regulatory chief of Abu Dhabi’s international financial center and free zone has called for tighter regulations for cryptocurrency trading and ICOs while recognizing the growing global industry.

Nearly a year after issuing its guidelines for cryptocurrencies and initial coin offerings (ICOs), effectively regulating the industry, the Financial Services Regulatory Authority (FSRA) is sharing its framework with its regulatory counterparts around the world.

“This space needs to be properly regulated, otherwise there is the risk of financial crime,” FSRA chief executive Richard Teng was quoted as saying by The National. “Every time a coin gets stolen or lost, it affects the confidence in this asset class.”

Notably, FSRA chief executive Richard Teng insists that “a lot has changed” over the past few months in a changing landscape that forgoes fears associated to cryptocurrencies to the recognition of a growing industry that requires guidelines to responsibly develop and encourage the sector.

He added:

“We are confident that our comprehensive regime – which we have shared with global regulators like the [U.S.] SEC, the UK Treasury, Financial Conduct Authority and Bank of England, and regulators in Singapore, Hong Kong and Japan – can address these risks and bring greater confidence into this asset class.”

The Abu Dhabi regulator’s comments come at a time when lawmakers in the U.K. urged the government to prioritize regulation of the cryptocurrency and ICO space in a Treasury Committee report published today.
https://www.ccn.com/abu-dhabi-cryptocurrency-regulations/

A lot of people have been skeptical with the idea of regulation, but if we really want to be truthful to ourselves, without regulation, this space will not grow quickly and it may actually be the beginning of its downfall. Certainly, regulation does not mean the government will simply have full control over the whole space as long as nothing changes in the protocol.

However, when the activities surrounding it are regulated, people are called back to order, steps are taken to eradicate scams, and then, it would really be a good way to start.

[hugeblack]

It should not take for granted. Most countries in the Gulf region will not make financial decisions until they have a green light from the United States.
I agree with the need to regulate, but the regulations aim to protect individuals and not impose fees.

Also, most of what reported in this news story is a repeat of the news, as the date of the press in mid-June