UAE Central Bank Issues Stringent Anti-Money-Laundering Regulations for Cryptocurrency Sector

UAE Central Bank Issues Stringent Anti-Money-Laundering Regulations for Cryptocurrency Sector

The United Arab Emirates (UAE) has made modifications to the local cryptocurrency market.

To regulate the cryptocurrency industry, the Central Bank of the region has issued new anti-money laundering regulations.

In addition, the document contains anti-terrorism instructions for various financial institutions. By the mandate of these new regulatory guidelines, all financial institutions coping with digital assets must adhere to these laws.

 

ALSO READ:Temasek Takes Legal Action Against Executives Who Invested In FTX

 

Similarly, NFT issuers and trading forums are subject to these regulations. These regulations have also addressed the dangers associated with digital currencies. In addition, they administer risk management strategies for crypto custody and trading service providers.

The risk mitigation guidelines include instituting due diligence for regulated financial institutions that deal with digital assets. These risk management tests concern customers and other counterparties.

 

Central Bank Grants Crypto Firms a Month to Become Compliant with New Regulations

The Central Bank of the UAE has swiftly adapted to the crypto market's evolution. The financial authority has given the financial institutions and cryptocurrency organizations one month to comply with the new rules. The officials have informed the media that the guidelines will be implemented within a month of their publication.

 

ALSO READ:The 2023 Top 5 Telegram Channels for Crypto Signals

 

It applies to financial institutions including payment service providers, regulated hawala services, insurance firms, exchange markets, banks, and intermediaries. The Central Bank has maintained that these new adjustments are implemented to meet the requirements of the Financial Action Task Force (FATF).

UAE has been designated by FATF as a nation requiring heightened surveillance. Typically, a gray listing represents such a ranking. In order to remove itself from the gray listing, UAE has resolved to collaborate with FATF and modify its domestic financial laws.

Robert Kiyosaki is a businessman and the acclaimed author of the book Rich Dad Poor Dad. As a communist, he recently criticized the American educational system. He has been a passionate advocate for financial literacy.

His recent statement emphasizes the need for enhanced financial literacy. He maintained that going to school and giving people money are insufficient to teach them the difference between counterfeit and genuine money.

In contrast, he has criticized the United States and United Kingdom Central Banks for inflating the fiat currency like a balloon. He asserts that the interest rate increases and strikes have placed fiat currency dependents on a thread. He also asserted that fiat currency has lost value, while encouraging the general public to invest in Bitcoin, Gold, and Silver.

 

ALSO READ:The price of bitcoin has surpassed $28,000, according to recent data.

 

Notably, the U.S. government has recently decided to raise the debt ceiling, despite the market's pessimism regarding the likelihood of further interest rate hikes.


Ojike Stella

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Comments
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