Dubai's Crypto War Cry: It's Time to Close The Gaps And Stop The Bad Actors

An official from Dubai's financial watchdog has urged global regulators to intensify collaborative efforts to prevent the exploitation of loopholes in cryptocurrency regulations.

Elisabeth Wallace, an associate director at the Dubai Financial Services Authority (DFSA), outlined the agency's plans to revise existing cryptocurrency token regulations, which are anticipated later this year.

Speaking at an online conference, Wallace expressed concern about the vast activities that cryptocurrency businesses tend to operate under one organization.

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"These businesses span the globe, and as regulators, we need to enhance our communication and collaboration in this sector. We've noticed numerous gaps that some unscrupulous entities are trying to exploit," Bloomberg quoted Wallace as saying.

Globally, regulatory bodies are wrestling with how best to manage the burgeoning cryptocurrency industry.

Locations like Hong Kong and Dubai are courting crypto-related investments.

Singapore, meanwhile, is considering restricting retail investor participation.

U.S. regulators have been intensifying their scrutiny of crypto firms, particularly following last year's collapse of the digital asset exchange FTX and a substantial market downturn.

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