StanChart-Backed Zodia Markets’ Co-Founder Applauds Abu Dhabi’s Crypto Regulators, Calls Out UK’s Lag

cryptonews.com:

Zodia Markets’ co-founder, Nick Philpott, praised Abu Dhabi’s crypto regulations, emphasizing the “remarkable” degree of interaction with regulatory authorities in the region.

Philpott contrasted his experience in Abu Dhabi with the UK’s regulatory environment, noting the latter’s process is significantly slower with more complex requirements.

“There were long delays in terms of entities getting their registrations with the Financial Conduct Authority under the anti-money laundering laws,” he told Cryptonews in an interview Thursday.

Similarly, he noted that Ireland’s central bank had just as much of a cautious approach. While the number of approved entities may have reached the low double digits, it remains relatively low there.

“So we found those processes to be quite slow,” the co-founder added.

Philpott noted that parliamentary committees attributed the delays in the UK to the high volume of applications, many of which lacked sufficient quality. He also acknowledged the FCA’s resource constraints in processing these applications.

However, he empathized with the UK regulators. Philpott said it is a challenge to retain experienced staff, as the private sector often offers them more attractive opportunities, leading to a constant need for training and knowledge building within the FCA. As a potential solution, he suggested an openness to the idea of higher compensation for regulators.

In contrast, Abu Dhabi’s Financial Services Regulatory Authority (FSRA) demonstrated a high level of responsiveness. Philpott highlighted their prompt communication channels, indicating that inquiries received swift replies, even regarding complex ideas.

He further emphasized the FSRA’s proactive approach, recalling how it quickly initiated