Challenges still exists for digital technology amid continued expansion: El-Kuwaiz

Mohammed El-Kuwaiz, Chairman of CMA

Mohammad El-Kuwaiz, Chairman of the Capital Market Authority (CMA), said that challenges still exist before the legislator with regard to digital technology, given that its usage cases are constantly evolving and expanding.

When enacting any laws and regulations, there must be studies of realistic cases to know the risks and obstacles. This is not possible in the digital spaces because it is under development and expansion, El-Kuwaiz added, during the Financial Sector Conference.

He also pointed out that legislators around the world cannot start enacting a specific or a new category in digital spaces, indicating that within 10 years most digital operations will have mediations, including digital currency exchanges and digital currency wallets and their operations, which will produce a market without a legislator, thus leading to fraud, money laundering and other crimes.