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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🧵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.

🧵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.

🧵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.

🧵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.

That's a wrap for this week's Compliant Wednesday! 📜 What are your thoughts on these regulatory developments? Share your insights in the comments below. 💬

Full article is on Medium:

That's a wrap for this week's Compliant Wednesday! 📜 What are your thoughts on these regulatory developments? Share your insights in the comments below. 💬

Full article is on Medium: https://t.co/d3oM4nOnRb

🧵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.