Dubai proposes to deregulate virtual assets

In an exclusive interview, Ian Johnston, CEO of the Dubai Financial Services Authority, said, We started off with a relatively conservative approach to cryptocurrencies, and now we're looking at whether to relax it slightly, but I'm relatively happy that we're starting. We may release or relax the settings. But some of our risk tolerance is relatively low, and it's best to start at a low level and then gradually relax as things evolve. Also, because one of the different things about cryptocurrencies is that there are still no international standards. Because whereas international standards have been developed over the years for the regulation of banks, insurance or securities, in the cryptocurrency space there are no such international standards, although the relevant standards are being developed. But the organisations that have chosen to regulate this area, such as the regulators in Hong Kong and Dubai, are currently ahead of these. Compared to regulators, I understand that good regulators such as Hong Kong, Dubai, and Singapore will be adopting these standards, which is more consistent and stable with past regulators.