UAE Banks Federation (UBF) and Abu Dhabi Global Market (ADGM) have joined forces to host a fintech forum with a focus on discussing how cryptoassets are changing the global financial services sector.
Judging by an article from Emirates News Agency, it seems as though the forum was absolutely brimming with enough blockchain and banking-related buzzwords to make anyone in the financial services sector salivate — including enough discussion on regulations, compliance, big data, machine learning, and financial surveillance to make everyone feel like they truly got their money’s worth.
Also discussed 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” — despite the fact that Bitcoin (BTC), the first and foremost cryptocurrency, was created to eliminate the need for collaboration from regulators and banks.
This fact is not lost on the forum’s participants, however, as 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 terms, legacy financial institutions don’t want to be rendered useless.
AbdulAziz Al-Ghurair, Chairman of UAE Banks Federation, stated:
Given the rapid emergence of new FinTech such as cryptocurrencies and other crypto assets, it is essential that we develop frameworks and regulations that govern these technologies and developments.
He also added:
With aspirations to become one of the foremost international hubs for finance, we must keep up with the rapid technological changes taking place across the sector. Ensuring a robust monetary and financial market environment is critical to this, and can only be achieved by protecting consumer rights and safeguarding market integrity.
Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM, also added his two cents by stating:
This event highlighted the importance and power of collaboration between regulatory authorities and financial institutions in building the trust and commitment needed to introduce FinTech activities securely into the financial services sector.
Notice a theme, here?
What do you think about legacy financial institutions feeling the need to ‘collaborate’ in regulating the cryptocurrency industry? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock.
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