How does FTX's collapse affect Dubai's crypto ecosystem?
CoinMENA CEO Talal Tabbaa Believes FTX Collapse Won't Change UAE's Vision of Becoming a Hub world of cryptography.
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With the FTX contagion affecting various sectors of the global crypto ecosystem, Dubai-based industry leaders have commented on how the debacle will affect the budding crypto hub in the United Arab Emirates (UAE).
From tighter regulations to better projects paving the way, various professionals gave their views on how Dubai and the UAE crypto landscape will be affected by the collapse of the FTX exchange.
Kokila Alagh, founder and CEO of KARM Legal Consultants, believes that the collapse of FTX will lead to greater scrutiny and due diligence before projects are approved through Dubai's licensing process. She explained:
“With the misuse of funds or limited disclosures by FTX, these licensing authorities now need to dig deeper into the technology. Simply submitting financial documents will not suffice, ongoing, real-time monitoring of these platforms could be one of the ways forward."
Alagh also told Cointelegraph that the collapse of FTX could lead to better projects taking the lead in the space. “Any major setback in a growing industry paves the way for stronger projects to drive and clear projects that don’t have a solid foundation,” she added.
Irina Heaver, a partner at Keystone Law Middle East, also thinks tougher regulations are on the way. Heaver told Cointelegraph that founders should be prepared for greater scrutiny from authorities as well as users and investors. She explained:
"They must also each implement stronger internal compliance and auditing functions, seek legal counsel when in doubt, and take additional steps, beyond those currently required, to demonstrate to users that the project does the right thing."
According to Heaver, authorities should also consider carefully scrutinizing influencers who promote "rug pulls, pump and dump schemes, and fake token sales." Citing shark tank star Kevin O'Leary's FTX exchange promotions and how people were able to put their funds into FTX after being persuaded, Heaver thinks promoters need to be given a shout too. careful consideration.
Meanwhile, Talal Tabbaa, CEO of CoinMENA, a trading platform that
CoinMENA CEO Talal Tabbaa Believes FTX Collapse Won't Change UAE's Vision of Becoming a Hub world of cryptography.
New
With the FTX contagion affecting various sectors of the global crypto ecosystem, Dubai-based industry leaders have commented on how the debacle will affect the budding crypto hub in the United Arab Emirates (UAE).
From tighter regulations to better projects paving the way, various professionals gave their views on how Dubai and the UAE crypto landscape will be affected by the collapse of the FTX exchange.
Kokila Alagh, founder and CEO of KARM Legal Consultants, believes that the collapse of FTX will lead to greater scrutiny and due diligence before projects are approved through Dubai's licensing process. She explained:
“With the misuse of funds or limited disclosures by FTX, these licensing authorities now need to dig deeper into the technology. Simply submitting financial documents will not suffice, ongoing, real-time monitoring of these platforms could be one of the ways forward."
Alagh also told Cointelegraph that the collapse of FTX could lead to better projects taking the lead in the space. “Any major setback in a growing industry paves the way for stronger projects to drive and clear projects that don’t have a solid foundation,” she added.
Irina Heaver, a partner at Keystone Law Middle East, also thinks tougher regulations are on the way. Heaver told Cointelegraph that founders should be prepared for greater scrutiny from authorities as well as users and investors. She explained:
"They must also each implement stronger internal compliance and auditing functions, seek legal counsel when in doubt, and take additional steps, beyond those currently required, to demonstrate to users that the project does the right thing."
According to Heaver, authorities should also consider carefully scrutinizing influencers who promote "rug pulls, pump and dump schemes, and fake token sales." Citing shark tank star Kevin O'Leary's FTX exchange promotions and how people were able to put their funds into FTX after being persuaded, Heaver thinks promoters need to be given a shout too. careful consideration.
Meanwhile, Talal Tabbaa, CEO of CoinMENA, a trading platform that
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