Recent events in the crypto industry have highlighted the immense and immediate need for fit-for-purpose regulation and education for the investing community.
This is why, as an immediate and positive response to what has happened, the MEAACBA Board is setting up a Regulators Committee which aims to bring together the key regulators in the regions covered by the Association, to work together in building regulatory regimes that allow for effective oversight of the crypto industry.
Commenting on what has been a difficult end to the year for many involved in the crypto-blockchain sector, the Chairman of the Middle East, Africa & Asia Blockchain Association (MEAACBA), Jehanzeb Awan, commented, “It is pivotal for the industry to help the investing public understand the opportunity and corresponding risks that come with investing in cryptocurrencies. The importance of holistic regulation to minimize regulatory arbitrage is key to reducing the impact of the recent events as well as bringing confidence back to the industry.”
He added, “More than ever, there is a need for coordination between regulators, between government agencies, and between industry bodies to build a cohesive regulatory framework that goes beyond anti-money laundering and countering terrorist financing and addresses the conduct of business issues. We as an industry, need to simplify and then educate the wider public to ensure, a reasonable understanding of the industry with its pros and cons.”
Mr. Awan also explained that the whole sector has a duty to keep developing, innovating and making the services and products safer for institutions and individuals, which will only be possible if there is an openness and urgency about improving regulation.
It is important to note that the crash of FTX has created an immense urgency to start regulating the crypto sector, regionally and internationally. In fact, the new chair of global securities watchdog IOSCO said in an interview that targeting such platforms will be the focus for 2023, as regulating crypto platforms could draw on principles from other sectors, which handle conflicts of interest, such as at credit rating agencies and compilers of market benchmarks, without having to start from scratch.
As previously mentioned, The Middle East, Africa and Asia Crypto and Blockchain Association is a not-for-profit member-driven organization, headquartered in Abu Dhabi and supported by the Abu Dhabi Global Market (ADGM).
The Association has cross-industry representation and has been formed to support the development of accessible, transparent, and compliant crypto-blockchain ecosystems.
It is controlled by a Board of highly respected industry specialists and supported by an Advisory Board of notable practitioners and business owners.
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