Governments need to develop regulatory frameworks for Web3 assets as early as possible and not wait until the sector has perfected itself, experts said during a panel discussion at the Dubai FinTech Summit on Monday.
In many developed markets, regulators are slower to respond as they are trying to understand different components of Web3, said Ebru Pakcan, Citi UAE's managing director for Middle East and Africa.
“The challenge with that is the innovation is not stopping; the innovation continues,” she said.
“So, the later the framework comes, the more exceptions are actually evolving and growing. I think moving fast is important.”
Web3 is the emerging third generation of the World Wide Web, with blockchain, decentralisation, openness and greater user utility among its core components.
Its market size is expected to be valued at about $6.2 billion in 2023 and grow at a compound annual rate of 44.6 per cent from 2023 to 2030, according to Market Research Future.
Although there is more work to do in the traditional finance space, it is important for governments and society as a whole to think about how to work on responsible digital asset development in Web3, Ms Pakcan said.
“The most recent examples are showing us that the most vulnerable are likely to be the consumers who are already challenged with lack of financial inclusion,” she said.
Explaining the fundamental differences between the current financial system and Web3, or decentralised finance (DeFi), Jonathan Hayes, head of digital assets development at Swiss private bank Julius Baer, said that while DeFi has been rich in innovation, it has fallen short in terms of financial responsibility and money laundering protection.
DeFi is a completely isolated world in which you can speculate in virtual assets, and it lacks any links to physical assets, Mr Hayes said.
However, financial services will help to tokenise assets and bring them on to the blockchain, he said.
“On the other hand, banks are not really the most innovative, but primarily set up for stability and to conduct business in a regulated manner,” he added.
“Financial services can profit from the decentralised finance system and bring more innovation to the offering, but I think it’s going to be a long process.”
The idea of a Web3 blockchain-based environment is to obviate the need for trust, according to Staci Warden, chief executive of Algorand Foundation.
“The stuff that has happened this year in crypto, I would argue, is really just about fraud. Like you'd see anywhere, just happens to be around digital assets,” she said.
“Fraudsters are fraudsters, maybe it's very important to go after those people wherever they are.”
Blockchain is different from traditional financial services because several parties record transactions on a single ledger, Ms Warden said.
Not one entity controls the ledger and that is where decentralisation becomes fundamental to Web3, she said.
Umar Farooq, chief executive of Onyx by JP Morgan and global head of financial institutional payments, said the vast majority of users were also not tech-savvy.
Although banks and regulators are fundamentally in the business of trust, lenders continue to find ways to mess up on a regular basis, he said.
“Therefore, regulation is key because otherwise people will continue to default back to centralised finance to interact with DeFi. Without proper regulation, oversight and clarity on a global level, you will continue to run into fraud,” Mr Farooq said.
Company%20Profile
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Diriyah%20project%20at%20a%20glance
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UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
Pakistanis%20at%20the%20ILT20%20
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Prop idols
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
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Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
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Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Company%20profile
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
COMPANY%20PROFILE
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
The%20specs
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How%20champions%20are%20made
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UAE currency: the story behind the money in your pockets
More from Rashmee Roshan Lall
MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
The specs
Engine: 2.5-litre, turbocharged 5-cylinder
Transmission: seven-speed auto
Power: 400hp
Torque: 500Nm
Price: Dh300,000 (estimate)
On sale: 2022
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
UAE currency: the story behind the money in your pockets
The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
