FTX COLLAPSE HAS TO BECOME A POSITIVE DRIVER FOR CHANGE – SAYS MEAACBA CHAIRMAN We must learn, act and improve transparency and regulation for all market participants.” Abu Dhabi, UAE, 11 January 2023 – Recent events in the crypto industry have highlighted the immense and immediate need for fit-for-purpose regulation and education for the investing community. 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.” 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.” 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. As a sector, we have a duty to keep developing, innovating and making the services and products safer for institutions and individuals. This will only be possible if there is an openness and urgency about improving regulation. We hope the Regulators Committee will be an important platform for the exchange of ideas and help drive forward the guidance which is required.” added Mr Awan. Further information is available on the MEAACBA website www.meaacba.org ENDS
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FTX COLLAPSE HAS TO BECOME A POSITIVE DRIVER FOR CHANGE – SAYS MEAACBA CHAIRMAN “We must learn, act and improve transparency and regulation for all market participants.”
