In order to safeguard investors, Dubai's new Virtual Asset Regulatory Authority demands more clarity and transparency from industry marketers and promoters.
Crypto requires speculating. The likelihood of a disturbance increases as it rises.
Financial authorities around the world are attempting to increase their control without stifling innovation.
If the SEC and CFTC are unable to resolve the matter amicably, the U.S. Congress will have to intervene to decide who gets to claim the title of 'best crypto regulation'.
The G7 finance ministers and central bank governors have called for crypto assets to be regulated quickly and comprehensively. The G7 decision came in the wake of recent crypto market volatility, which saw the cryptocurrencies LUNA and UST crash.
The chaos on the crypto market following the Terra crash heightened the ministers' feeling of urgency to finish the regulating process.