Special Report: How UAE is leading the way in crypto regulation after FTX scam
- Date: 17-Nov-2022
- Source: Khaleej Times
- Sector:Financial Markets
- Country:UAE
Special Report: How UAE is leading the way in crypto regulation after FTX scam
Dubai has set up Virtual Assets Regulatory Authority for regulating digital assets market outside of certain jurisdictions such as DIFC
By Shalini Verma Published: Thu 17 Nov 2022, 1:17 PM
A billionaire millennial plays the video game League of Legends during a funding pitch meeting, while he presents his $30B cryptocurrency startup as a platform for doing anything with your money. The VCs love him, celebrities back him, his employees swear by him. He seems like the nice guy who rescues other struggling crypto platforms. But there is a twist in this fairytale. His company grows quickly enough to make his major crypto investor feel threatened. A classic clash of titans turns into a fight to the finish. Several tweets later, FTX files for Chapter 11. FTX’s rise and fall reads like a Hollywood script. The collapse so sudden and complete that a million or so customers remained helpless spectators.
Industry pundits are wondering if this is cryptocurrency’s Lehman moment or is that yet to come. Such a monstrous collapse had been played out in our collective conscience many times. This is not the first and certainly not the last. And yet we can’t stop playing poker with our money. Once you enter
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