Khalfan Belhoul, CEO of the Dubai Future Foundation (DFF), emphasized the importance of increased "collaboration" and "unity" among "nations, policymakers, investors, entrepreneurs, and the private sector" to address global challenges. He made these remarks during Binance Blockchain Week.
"There needs to be more collaboration, more unity between nations, policymakers, investors, entrepreneurs, the private sector all sitting in one group and creating cross-border collaborations to ensure the challenges that have been discussed earlier are resolved for in a fast way," said Belhoul.
According to Financial News, since January 2024, the UK's Financial Conduct Authority (FCA) has approved only four out of 30 cryptocurrency business applications. This results in an approval rate of approximately 13%.
Reuters reports that in October 2024, ConsenSys, a notable cryptocurrency firm, announced a reduction of its workforce by 20%, impacting 162 out of its 828 employees. The company cited macroeconomic pressures and regulatory challenges as significant factors influencing this decision. Actions by the U.S. Securities and Exchange Commission (SEC) were also mentioned.
Social Capital Markets states that since 2013, the SEC has imposed over $7.42 billion in fines on crypto firms and individuals. Notably, 63% of this total occurred in 2024.
Belhoul leads DFF's strategy across five key areas to position Dubai as a hub for innovation and future readiness. With over ten years of experience in business transformation, he spearheads initiatives that promote collaboration among individuals, organizations, and government bodies to drive change. Previously serving as Vice President of Strategy at Dubai Holding, he played a role in shaping the company's contribution to Dubai's economic diversification.
Binance Blockchain Week is described on its website as a conference that gathers innovators, founders, investors, regulators, and officials to discuss blockchain and Web3's future. The theme for this year's conference is "Momentum." The event's website notes that "Momentum propels our industry," guiding it through challenges towards significant achievements.