How does the FTX collapse affect Dubai's crypto ecosystem?

With the FTX contagion affecting various sectors of the global crypto ecosystem, Dubai-based industry leaders commented on how the debacle will affect the budding crypto hub within the United Arab Emirates .

“With the misuse of funds or limited disclosures by FTX, these licensing authorities now need to deep dive into the technology. Mere financial documents submission won't be enough, continuous and a real-time monitoring of these platforms might be one of the ways forward.” “They also each must implement stricter internal compliance and audit functions, consult a lawyer if in doubt, and take additional steps, beyond those currently required, to prove to the users that the project is doing the right thing.”

What projects do they call strong? What I have seen is complete rubbish.

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