With the FTX contagion affecting various sectors of the global crypto ecosystem, Dubai-based industry leaders commented on how the debacle will affect the budding crypto hub within the United Arab Emirates (UAE).
From stricter regulations to better projects leading the way, various professionals gave their perspectives on how Dubai and the UAE’s crypto landscape will be affected by the collapse of the FTX exchange.
Kokila Alagh, the founder and CEO of KARM Legal Consultants, believes that the FTX collapse will lead to more scrutiny and diligence before projects are approved within Dubai’s licensing process. She explained that:
“With the misuse of funds or limited disclosures by FTX, these licensing authorities now need to deep dive into the technology. Mere financial documents submission won’t be enough, continuous