Bloomberg Law
May 26, 2023, 4:43 AM

Dubai Watchdog Warns on Risks of Crypto’s Global Regulatory Gaps

Suvashree Ghosh
Suvashree Ghosh
Bloomberg News

Dubai’s financial regulator warned that global watchdogs need to step up talks with each other to avoid “bad actors” exploiting gaps in crypto rules, according to an official.

The Dubai Financial Services Authority plans an update to rules on crypto tokens, in force since November for the city’s business hub, that may come out later this year, said Elisabeth Wallace an associate director at the regulator.

“A lot of crypto businesses tend to operate a significant number of activities within one umbrella and that really concerns us,” Wallace said at a virtual conference on Friday. “They are across the ...

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