Swisstronik
@swisstronik-
Welcome back to Compliant Wednesday with the latest regulatory updates from around the globe! 🌍 Today: 🇦🇪 Dubai cracks down on unlicensed crypto firms 🇰🇿 Telegram opens office in Kazakhstan 🇺🇸 Record crypto settlements in 2024 🇸🇬 Fairdesk exchange shuts down 🇦🇪 UAE approves first dirham-pegged stablecoin Thread 🧵👇
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Swisstronik
@swisstronik-
🧵1/5 🇦🇪 Dubai's VARA fines seven unlicensed crypto companies for breaching marketing regulations and operating without licenses. Our take: Dubai's sending a clear message: play by the rules or face the music. It's a strong step to keep the crypto space safe and trustworthy.
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Swisstronik
@swisstronik-
🧵2/5 🇰🇿 Telegram opens office in Kazakhstan to improve compliance and communication with regulators. Our take: Telegram is stepping up its game by getting cozy with regulators in Kazakhstan. It's a smart move to stay ahead in the compliance arena.
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Swisstronik
@swisstronik-
🧵3/5 🇺🇸 US regulators receive over $19 billion in lawsuit settlements from crypto companies in 2024, the highest amount in a single year. Our take: These hefty settlements underscore just how seriously regulators are taking crypto compliance. It's reminding companies of the cost of sharp practices.
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Swisstronik
@swisstronik-
🧵4/5 🇸🇬 Singapore-based crypto exchange Fairdesk announces closure due to regulatory concerns. Our take: The abrupt shutdown of Fairdesk shows just how unpredictable the crypto landscape can be. Even well-respected platforms aren't immune to the regulatory wave.
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Swisstronik
@swisstronik-
🧵5/5 🇦🇪 UAE Central Bank gives preliminary approval for the first regulated dirham-pegged stablecoin. Our take: The UAE is rolling out the red carpet for stablecoins, proving once again why it's becoming a hotbed for crypto innovation.
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