There are Regulatory Gaps in the Crypto Industry — DFSA

DFSA is a Financial Services Authority in Dubai. It made a statement to world regulators that it is necessary to hold joint negotiations. This will eliminate regulatory gaps in the crypto industry.

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The head of the organization said that the DFSA is going to update the local cryptocurrency legislation. It was presented last year.

She made a statement that regulators need to communicate more with each other regarding cryptocurrencies. She explains this by the presence of a large number of gaps. At the same time, unscrupulous industry participants are trying to use them for their own purposes.

She also noted that the department is concerned about many cryptocurrency companies conducting a huge number of transactions under one management.

The government of Dubai sees that the cryptocurrency industry has good potential. Therefore, they try to support the industry. Note that many crypto exchanges were able to issue a license in the country to conduct their activities.

At the end of winter this year, the founder of the crypto exchange Binance recommended that entrepreneurs move to countries where there is more favorable regulation. Among them, he named Dubai.

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