UAE Banks Federation (UBF) and Abu Dhabi International Market (ADGM) have joined forces to host a fintech discussion board with a concentrate on discussing how cryptoassets are altering the worldwide monetary providers sector.
Judging by an article from Emirates Information Company, it appears as if the discussion board was completely brimming with sufficient blockchain and banking-related buzzwords to make anybody within the monetary providers sector salivate — together with sufficient dialogue on rules, compliance, large information, machine studying, and monetary surveillance to make everybody really feel like they honestly acquired their cash’s value.
Additionally mentioned was “how financial regulators and banks can collaborate to develop processes and procedures to address regulatory risks in serving market participants operating crypto assets businesses” — even though Bitcoin (BTC), the in the beginning cryptocurrency, was created to remove the necessity for collaboration from regulators and banks.
This truth shouldn’t be misplaced on the discussion board’s contributors, nonetheless, because the report claims that “fast-evolving market dynamics mean that banks, financial institutions as well as financial regulators have an important part to play to diligently monitor and keep abreast of such developments, and ensure financial services continue to operate in a robust and trusted way in an increasingly digital environment.” In layman’s phrases, legacy monetary establishments don’t wish to be rendered ineffective.
AbdulAziz Al-Ghurair, Chairman of UAE Banks Federation, acknowledged:
Given the speedy emergence of recent FinTech akin to cryptocurrencies and different crypto belongings, it’s important that we develop frameworks and rules that govern these applied sciences and developments.
He additionally added:
With aspirations to turn into one of many foremost worldwide hubs for finance, we should sustain with the speedy technological adjustments going down throughout the sector. Making certain a strong financial and monetary market surroundings is crucial to this, and may solely be achieved by defending shopper rights and safeguarding market integrity.
Richard Teng, CEO of the Monetary Providers Regulatory Authority of ADGM, additionally added his two cents by stating:
This occasion highlighted the significance and energy of collaboration between regulatory authorities and monetary establishments in constructing the belief and dedication wanted to introduce FinTech actions securely into the monetary providers sector.
Discover a theme, right here?
What do you consider legacy monetary establishments feeling the necessity to ‘collaborate’ in regulating the cryptocurrency trade? Tell us your ideas within the feedback under!
Photos courtesy of Shutterstock.
The put up Bitcoin’s Disruptive Energy Not Misplaced on UAE Banks Federation and Abu Dhabi International Market appeared first on Bitcoinist.com.
