Regulatory Landscape for Web3 & Digital Assets – a Global & GCC Perspective

Jahanzeb Awan provided an overview of the regulatory landscape for Web3 and digital assets in the GCC region, including Saudi Arabia, UAE, Kuwait, Qatar, Bahrain, and Oman, highlighting that these countries are embracing Web3 and digital assets while ensuring alignment with their economic and cultural contexts. The UAE’s Abu Dhabi Global Market (ADGM) has virtual asset regulations in place, with updates made to address limitations and allow for more virtual asset listings. The Dubai International Financial Centre (DIFC) has its own regulatory framework for virtual asset businesses, providing opportunities for startups and established businesses. Bahrain also has regulations for virtual assets, with a growing fintech ecosystem. The focus in the GCC region is primarily on the UAE, Bahrain, and Saudi Arabia. In Africa, South Africa has declared virtual assets as securities, while Nigeria has shifted to tolerating them and working on regulations.

Patricia Ho discussed global regulatory developments in Web3, blockchain, and open-source technology. Regulators are working to provide frameworks that balance consumer protection and innovation. The US has confusion and a need for clarity in its regulatory landscape. The UK has a comprehensive regulatory framework for crypto assets, and the European Union has micro markets and crypto assets regulations. Hong Kong and Singapore have made progress in their regulatory developments. There is a need for regulatory frameworks that balance consumer protection and innovation. Stablecoins have the potential to catalyze increased adoption of crypto assets. There are challenges with centralized exchanges that need to be addressed. Market consolidation may occur among crypto platforms. Decentralized projects and builders are focusing on DAOs and tokenomics. Institutional adoption of blockchain technology is increasing, and there is a focus on regulating DeFi. AI, pseudonyms, and the potential dangers in the technology-heavy environment are concerns. Regulators have a lot on their plate to address these challenges in the new era!