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Crypto Firms’ Compliance With Regulation Should Not Be at the Expense of Innovation — Zak Taher

Crypto Firms' Compliance With Regulation Should Not Be at the Expense of Innovation — Zak Taher

Zak Taher, the CEO of, said he believes the United Arab Emirates (UAE) is the most attractive investment destination for overseas digital asset companies due to its effective governance and the leadership of its individuals. The UAE’s status within the global financial landscape, combined with its geographical advantages and favorable time zone, further enhances its appeal as an investment destination, according to Taher.

Taher on UAE, Digital Asset Innovation, and Regulation

According to Taher, the proof that the UAE possesses such important attributes is seen in the country’s world-leading crypto regulatory frameworks. To the United States, which has adopted an aggressive approach, Taher said the country’s desire to see crypto firms complying with regulation should not be at the expense of innovation. The Multibank CEO argued that ensuring a “robust balance” between consumer protection and innovation is key to safeguarding consumers without stifling innovation.

Taher meanwhile attributed the reluctance of some prospective crypto users to trade to their lack of confidence in the trading platforms. To instill confidence in these platforms, Taher urged crypto exchange owners to consider embracing regulation. He also suggested that crypto exchanges should prioritize human interaction, customer success, and communication to become more user-friendly.

In his written answers sent to News via Telegram, Taher also offered his thoughts on crypto derivatives and touched on some of the common compliance risks associated with these assets. Below, are Taher’s answers to all questions sent. News (BCN): Some U.S. regulatory bodies have taken seemingly aggressive regulatory actions towards crypto exchanges and platforms. What is your view on this, and what should be the right approach to regulating an industry as innovative as crypto?

Zak Taher (ZT): Unlike other crypto exchanges, our core business has been in the financial field since 2005, providing us with extensive experience in navigating authorities and regulatory bodies worldwide. Our go-to approach involves a dual-prong strategy.

Innovation vs. Compliance Balance — When it comes to innovation and compliance, we recognize the inherent risks that innovation introduces. The optimal approach is to strike a robust balance between the two. This doesn’t imply restricting innovation but rather project managing it effectively.

Allocation of Resources: Expanding on the first approach, resource allocation takes center stage. Often, executives concentrate their budget on marketing, hiring top talent from Fortune 500 companies, while overlooking the importance of compliance and legal expertise. Just as in a war, where a strong shield is crucial for protection, allocating resources to compliance is imperative to safeguard both the company and its stakeholders.

BCN: The UAE seems to be at the forefront of crypto regulatory innovation, with the Virtual Assets Regulatory Authority (VARA) providing investors, developers, and companies with clear rules. Besides regulatory clarity, what makes the UAE an attractive destination for talent and capital?

ZT: The attractiveness primarily stems from the country’s effective governance and the individuals leading it. Its position in the global financial landscape, coupled with geographical advantages and a favorable time zone, contributes significantly. The world-class infrastructure, government support, and tax-friendly environment enhance the overall appeal.

The UAE government is dedicated to blockchain, cultural diversity, and ensuring a superb quality of life for residents. Such belief is evident in the establishment of one of the best regulatory frameworks to safeguard users in crypto transactions, reflecting a visionary approach.

BCN: Your company, Multibank Group, claims to be one of the world’s most regulated financial institutions with a long history in regulated derivatives broking. What expertise do legacy platforms such as yours bring to crypto in terms of security, user experience, and regulation?

ZT: It’s funny, in our discussions with crypto-specific affiliates and networks, they express surprise at our unique approach in focusing on partnerships, a strategy less common in the crypto space but prevalent in the FX domain. In terms of user experience, crypto exchanges often boast more user-friendly interfaces and customer journeys compared to FX and derivatives trading platforms. Regarding regulations, the close collaboration between Multibank Group and regulators worldwide proves advantageous. The team’s expertise in obtaining licenses is evident, with the group currently holding 14 licenses and counting.

BCN: Many people often sign up for crypto exchanges but end up not making a single trade. What are some of the issues faced by crypto newbies that stop them from trading or owning digital assets, and how can these be solved?

ZT: The cornerstone is trust, and the remedy lies in regulation. It’s not surprising that people, especially newcomers, hesitate to invest. It’s reminiscent of the caution exercised with a bank. Times have swiftly changed since the last bull market, contributing to increased hesitancy. A significant means of instilling trust in individuals depositing their hard-earned money into the exchange is through regulation. This assurance stems from holding proper licenses and expertise in Tradfi. This approach effectively mitigates fear, encouraging individuals to feel confident about making deposits. Additionally, the organization’s emphasis on human interaction, customer success and communication, positions it as a people-first company, offering a more connected level of account management, especially for novices needing a helping hand.

BCN: Recently, your platform introduced a “Panic Sell” button on its crypto exchange. What is the reasoning behind the introduction of this button?

ZT: In a bear market, the cryptocurrency exchange scene can resemble a bit of a cycle, with users shifting from one platform to another, often involving seasoned cryptocurrency enthusiasts. While this dynamic has its merits, it’s crucial to emphasize outreach to newcomers, a goal we actively pursue in the FX and Tradfi space. Our panic sell feature adds a playful element, allowing users to swiftly liquidate their tokens in challenging situations, giving them that edge. Such features are not only enjoyable but also prove helpful for crypto novices, particularly those seeking efficiency in their initial experiences in the space.

BCN: Derivatives such as options and futures have dominated cryptocurrency trading since their debut around 2014. As you may be aware, these products are also heavily favored by institutional investors. What common compliance and regulatory risks do you see for crypto derivatives?

ZT: In the realm of crypto derivatives, compliance and regulatory risks demand a multifaceted approach. To address anti-money laundering and counter-terrorism financing concerns, one needs robust know your customer (KYC) and know your transaction (KYT).

From a regulatory standpoint, vigilance in market abuse surveillance is crucial, involving the implementation of systems to monitor market manipulation, employing data analytics, and establishing whistleblower programs.

Global expansion requires a nuanced approach due to jurisdictional variations. Recognizing diverse regulatory approaches in each country is essential, especially for futures or options trading. Establishing common rules that align with regulatory guidelines becomes imperative to navigate the complexities of global markets effectively. This comprehensive strategy ensures regulatory compliance while fostering a secure and protected environment for users engaging in crypto derivatives.

What are your thoughts on this story? Let us know what you think in the comments section below.


  • 07.09.23 16:24 CherryTeam

    Cherry Team atlyginimų skaičiavimo programa yra labai naudingas įrankis įmonėms, kai reikia efektyviai valdyti ir skaičiuoti darbuotojų atlyginimus. Ši programinė įranga, turinti išsamias funkcijas ir patogią naudotojo sąsają, suteikia daug privalumų, kurie padeda supaprastinti darbo užmokesčio skaičiavimo procesus ir pagerinti finansų valdymą. Štai keletas pagrindinių priežasčių, kodėl Cherry Team atlyginimų skaičiavimo programa yra naudinga įmonėms: Automatizuoti ir tikslūs skaičiavimai: Atlyginimų skaičiavimai rankiniu būdu gali būti klaidingi ir reikalauti daug laiko. Programinė įranga Cherry Team automatizuoja visą atlyginimų skaičiavimo procesą, todėl nebereikia atlikti skaičiavimų rankiniu būdu ir sumažėja klaidų rizika. Tiksliai apskaičiuodama atlyginimus, įskaitant tokius veiksnius, kaip pagrindinis atlyginimas, viršvalandžiai, premijos, išskaitos ir mokesčiai, programa užtikrina tikslius ir be klaidų darbo užmokesčio skaičiavimo rezultatus. Sutaupoma laiko ir išlaidų: Darbo užmokesčio valdymas gali būti daug darbo jėgos reikalaujanti užduotis, reikalaujanti daug laiko ir išteklių. Programa Cherry Team supaprastina ir pagreitina darbo užmokesčio skaičiavimo procesą, nes automatizuoja skaičiavimus, generuoja darbo užmokesčio žiniaraščius ir tvarko išskaičiuojamus mokesčius. Šis automatizavimas padeda įmonėms sutaupyti daug laiko ir pastangų, todėl žmogiškųjų išteklių ir finansų komandos gali sutelkti dėmesį į strategiškai svarbesnę veiklą. Be to, racionalizuodamos darbo užmokesčio operacijas, įmonės gali sumažinti administracines išlaidas, susijusias su rankiniu darbo užmokesčio tvarkymu. Mokesčių ir darbo teisės aktų laikymasis: Įmonėms labai svarbu laikytis mokesčių ir darbo teisės aktų, kad išvengtų baudų ir teisinių problemų. Programinė įranga Cherry Team seka besikeičiančius mokesčių įstatymus ir darbo reglamentus, užtikrindama tikslius skaičiavimus ir teisinių reikalavimų laikymąsi. Programa gali dirbti su sudėtingais mokesčių scenarijais, pavyzdžiui, keliomis mokesčių grupėmis ir įvairių rūšių atskaitymais, todėl užtikrina atitiktį reikalavimams ir kartu sumažina klaidų riziką. Ataskaitų rengimas ir analizė: Programa Cherry Team siūlo patikimas ataskaitų teikimo ir analizės galimybes, suteikiančias įmonėms vertingų įžvalgų apie darbo užmokesčio duomenis. Ji gali generuoti ataskaitas apie įvairius aspektus, pavyzdžiui, darbo užmokesčio paskirstymą, išskaičiuojamus mokesčius ir darbo sąnaudas. Šios ataskaitos leidžia įmonėms analizuoti darbo užmokesčio tendencijas, nustatyti tobulintinas sritis ir priimti pagrįstus finansinius sprendimus. Pasinaudodamos duomenimis pagrįstomis įžvalgomis, įmonės gali optimizuoti savo darbo užmokesčio strategijas ir veiksmingai kontroliuoti išlaidas. Integracija su kitomis sistemomis: Cherry Team programinė įranga dažnai sklandžiai integruojama su kitomis personalo ir apskaitos sistemomis. Tokia integracija leidžia automatiškai perkelti atitinkamus duomenis, pavyzdžiui, informaciją apie darbuotojus ir finansinius įrašus, todėl nebereikia dubliuoti duomenų. Supaprastintas duomenų srautas tarp sistemų padidina bendrą efektyvumą ir sumažina duomenų klaidų ar neatitikimų riziką. Cherry Team atlyginimų apskaičiavimo programa įmonėms teikia didelę naudą - automatiniai ir tikslūs skaičiavimai, laiko ir sąnaudų taupymas, atitiktis mokesčių ir darbo teisės aktų reikalavimams, ataskaitų teikimo ir analizės galimybės bei integracija su kitomis sistemomis. Naudodamos šią programinę įrangą įmonės gali supaprastinti darbo užmokesčio skaičiavimo procesus, užtikrinti tikslumą ir atitiktį reikalavimams, padidinti darbuotojų pasitenkinimą ir gauti vertingų įžvalgų apie savo finansinius duomenis. Programa Cherry Team pasirodo esanti nepakeičiamas įrankis įmonėms, siekiančioms efektyviai ir veiksmingai valdyti darbo užmokestį.

  • 08.10.23 01:30 davec8080

    The "Shibarium for this confirmed rug pull is a BEP-20 project not related at all to Shibarium, SHIB, BONE or LEASH. The Plot Thickens. Someone posted the actual transactions!!!! It seems the article is true!!!! And it's also FUD. Let me explain. Check this link: So there really is a "Shibarium" token. And somebody did a rug pull with it. CONFIRMED. But the "Shibarium" token for this confirmed rug pull is a BEP-20 project not related at all to Shibarium, SHIB, BONE or LEASH.

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