From Biden's crypto order to Dubai's crypto rules: Here's how industry reacted
Business Today brings you exclusive insights from industry insiders on these latest developments.
- Mar 10, 2022,
- Updated Jun 28, 2022 3:40 PM IST
This week has been remarkable for cryptocurrencies. The global crypto community had been waiting for Biden’s executive order on crypto, which was due since February. Finally, the US President signed the much-awaited order which clarified the position of cryptocurrencies in the US. Moreover, Dubai, which is considered by many as a haven for crypto, also introduced regulations for crypto assets. And this is what industry insiders have to say about these latest developments.
“These positive developments continue to signal the growing regulatory acceptance of digital assets and a favourable move towards progressing the future of finance, building greater credibility, safety and trust in the industry.” the CoinDCX team told Business Today.
Noting that the approach of the US is different than that of India, Ashish Singhal, CEO of CoinSwitch said, “While India has rightly taken note of the consumer and investor interest in the crypto industry and continues to calibrate its regulatory approach, the US approach is an opportunity to also consider the positive influence crypto can have on the competitiveness of a country in the global financial systems.”
Avinash Shekhar, CEO, ZebPay lauded the Biden executive order on crypto and told Business Today, “Promotion of the underlying technology while ensuring financial inclusion and overall economic stability will ensure that the category continues to flourish."
Melbin Thomas, Co-Founder, SahiCoin also had similar views. He said, “To sum it up, it [US regulations] was a net positive for the crypto industry. Not only because it didn't have destructive regulations in it, but also because we can see that the administration appreciates innovation in the space.”
Furthermore, he also added that “We also saw Dubai approve a law to regulate and promote crypto adoption and desire to be a leader in this space.”
The regulations introduced in Dubai have also been welcomed wholeheartedly by the rest of the industry. Naimish Sanghvi, Founder of Coin Crunch India and crypto influencer said, “Dubai is taking a lead on identifying and regulating an emerging industry. This is a sign of grabbing an opportunity with both hands. More jurisdictions should follow.”
Pratik Gauri, co-founder and CEO of 5ire blockchain highlighted that this move will benefit Dubai immensely in terms of attracting new business. He said, “This will create a gold rush of crypto investments to the UAE, just like there was a gold rush of conventional investments in London past the passage of Sarbanes-Oxley Act in the US back in 2002.”
The US order focuses on six key areas: Investor protection, Illegal activities, Financial stability, Financial inclusion, US competitiveness and Responsible innovation. Dubai’s virtual asset regulation aims to attract the crypto industry to the city as regional economic competition intensifies.
Also read: Ace investor Cathie Wood calls DeFi threat to traditional finance
Also read: US crypto order: Mkts rally on Yellen's inadvertently published statement
This week has been remarkable for cryptocurrencies. The global crypto community had been waiting for Biden’s executive order on crypto, which was due since February. Finally, the US President signed the much-awaited order which clarified the position of cryptocurrencies in the US. Moreover, Dubai, which is considered by many as a haven for crypto, also introduced regulations for crypto assets. And this is what industry insiders have to say about these latest developments.
“These positive developments continue to signal the growing regulatory acceptance of digital assets and a favourable move towards progressing the future of finance, building greater credibility, safety and trust in the industry.” the CoinDCX team told Business Today.
Noting that the approach of the US is different than that of India, Ashish Singhal, CEO of CoinSwitch said, “While India has rightly taken note of the consumer and investor interest in the crypto industry and continues to calibrate its regulatory approach, the US approach is an opportunity to also consider the positive influence crypto can have on the competitiveness of a country in the global financial systems.”
Avinash Shekhar, CEO, ZebPay lauded the Biden executive order on crypto and told Business Today, “Promotion of the underlying technology while ensuring financial inclusion and overall economic stability will ensure that the category continues to flourish."
Melbin Thomas, Co-Founder, SahiCoin also had similar views. He said, “To sum it up, it [US regulations] was a net positive for the crypto industry. Not only because it didn't have destructive regulations in it, but also because we can see that the administration appreciates innovation in the space.”
Furthermore, he also added that “We also saw Dubai approve a law to regulate and promote crypto adoption and desire to be a leader in this space.”
The regulations introduced in Dubai have also been welcomed wholeheartedly by the rest of the industry. Naimish Sanghvi, Founder of Coin Crunch India and crypto influencer said, “Dubai is taking a lead on identifying and regulating an emerging industry. This is a sign of grabbing an opportunity with both hands. More jurisdictions should follow.”
Pratik Gauri, co-founder and CEO of 5ire blockchain highlighted that this move will benefit Dubai immensely in terms of attracting new business. He said, “This will create a gold rush of crypto investments to the UAE, just like there was a gold rush of conventional investments in London past the passage of Sarbanes-Oxley Act in the US back in 2002.”
The US order focuses on six key areas: Investor protection, Illegal activities, Financial stability, Financial inclusion, US competitiveness and Responsible innovation. Dubai’s virtual asset regulation aims to attract the crypto industry to the city as regional economic competition intensifies.
Also read: Ace investor Cathie Wood calls DeFi threat to traditional finance
Also read: US crypto order: Mkts rally on Yellen's inadvertently published statement