Abu Dhabi’s cryptocurrency regulations are a breath of fresh air for digital currency custodians like Zodia Markets, founded by Nick Philpott. In an interview with “Crypto News” on Thursday, Philpott shared his positive experience in Abu Dhabi and compared it to the regulatory environment in the UK. He highlighted the speed of communication and efficiency of Abu Dhabi’s Financial Services Regulatory Authority (FSRA) in contrast to the slower process and complex requirements in the UK.
Philpott also commended the FSRA for its proactive approach to addressing regulatory matters. He shared his own experience of being licensed within two weeks of initial contact with the authority. He found the overall experience engaging, with the regulator providing open and collaborative conversations, especially when addressing complex matters.
In contrast to the challenges faced in the UK and Ireland, Philpott appreciated Abu Dhabi’s regulatory efficiency and responsiveness. He was particularly impressed by the FSRA’s quick communication channels and proactive stance in addressing regulatory matters. Overall, Philpott found that Abu Dhabi’s regulatory environment is conducive to innovation and collaboration, with a focus on facilitating the growth of digital currency custodians like Zodia Markets.
Nick Philpott had high praise for Abu Dhabi’s cryptocurrency regulations. In an interview with “Crypto News” on Thursday, he compared his experience in Abu Dhabi to that in other countries like the United Kingdom.
While he noted that there were challenges faced in obtaining registrations under anti-money laundering laws in the UK, he highlighted that Abu Dhabi’s Financial Services Regulatory Authority (FSRA) was more responsive and efficient than its UK counterpart.
He praised FSRA for its proactive approach to addressing regulatory matters, noting that they provided open and collaborative conversations when dealing with complex issues.
Philpott also emphasized how different from other countries’ approaches this was – where Zodia Markets was licensed within two weeks of initial contact with FSRA instead of months or years as it took him before getting approved by Central Bank of Ireland or other European Union countries.
Overall, Nick Philpott found that working with FSRA has been beneficial for Zodia Markets’ growth plans as they can now operate without any hindrance from overly restrictive regulations or long approval processes which could have otherwise stifled innovation within this sector.