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UAE Recognizes ICOs As Securities; Adopting Fintech Regulations

UAE Recognizes ICOs As Securities; Adopting Fintech Regulations

The United Arab Emirates (UAE) has approved of a new draft of regulations that govern ICO listings, as reported by WAM, a local news outlet. The report cites various government sources. This move comes in addition to lawmakers in the country adopting plans for regulating ICOs in aimed at attracting more fintech activity.

The regulatory proposals have gained approval from the SCA back in July while WAM now says the agreement will enter law upon its publications in the UAE’s Official Gazette, which is an official government periodical that contains the entire country’s legislation.

“This can be achieved by adopting an approach of relaxing and / or waving regulatory requirements for participants in the sandbox, while at the same time, ensuring that appropriate consumer protection safeguards are in place.”

“The Board of Directors, having reviewed a study on the best international practices in this regard, has issued a directive that the procedures for trading digital token are to be regulated. The plan developed by the SCA includes a set of mechanisms as part of an integrated project to regulate digital securities and commodities.”

The UAE has been pursuing a new policy of fintech integration in recent years with blockchain technology at the municipal and state level. The SCA Board of Directors has already approved the SCA plan to regulate the ICOs and recognize them as securities, based on the WAM report.

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