Ryan Taylor of hedge fund Brevan Howard noted that the United Arab Emirates’ (UAE) responsive approach to cryptocurrency regulations has made the country one of the leading regions for crypto asset transactions.
UAE Regulators’ Strategy
According to Reuters, Ryan Taylor, chief compliance officer of the Brevan Howard group, which manages assets worth $35 billion, added at the AIM Conference in Dubai that UAE regulators want the cryptocurrency to “fly”.
Brandon Robinson, vice president of private markets at JPMorgan Asset Management, confirmed that crypto opportunities in the UAE are abundant. The UAE is the most moderate country in the region in terms of cryptocurrency regulations. Many cryptocurrency companies are moving their headquarters here, insulating themselves from the risk of facing frivolous lawsuits similar to those in the United States. Far from establishing comprehensive rules on cryptocurrencies, the US does not provide sufficient guidance to companies. Although regulators argue that existing laws apply to crypto companies, information is not provided on how companies should comply with these rules and how they should interpret these rules.
You need to hire a good lawyer for those who come to the SEC with this request. However, when the lawyer cannot get out of the situation and requests information, the SEC responds, “We do not provide legal consultancy services.” While it is still unclear which altcoins are securities/investment contracts, the SEC has filed a lawsuit against almost all crypto exchanges in the region on the grounds that they are intermediaries in unregistered securities trading.
View of Dubai Financial Center
Jonathan Beardall, head of asset and wealth management at the Dubai International Financial Center Authority, shared similar views.
“UAE regulators may be strict, but they want to support the industry and so they write sensible regulations.”
Beardall stated that there are 65 hedge funds in Dubai, the capital of the UAE, and this number is expected to increase to 70 in the coming weeks. This increase shows that the UAE has high growth potential in cryptocurrency markets.
Dubai’s stable and flexible regulations offer an attractive environment for investors.
This approach of the UAE in the field of crypto money is considered as an important step towards becoming a regional leader in the world of crypto money.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
