UAE Approve ICO Regulation Plan
September 13, 2018
The Securities and Commodities Authority (SCA) of the United Arab Emirates has approved adoption plan for regulations standards in the field of fund raising via ICO. What is more, the country’s authorities have legally recognized digital currencies as securities.
The UAE’s minister of economics has reported they have affirmed crypto sector regulation strategy within the country. The decision was adopted by the board of directors of the regulator after they studied this industry in other states which all demonstrates a shift of the UAE’s stance towards ICO.
The regulator told that integrating these standards includes lots of various mechanisms and is to become one of the most important stages on the way to formulate a full-fledged bill for the entire crypto industry.
Moreover the authority claimed that the project is a part of the initiative purposed to modernize financial processes related to securities issues within the state.
Remember, late summer the country launched the first digital trade platform FIСЕ in complete accordance with the Sharia law. The platform is meant to cooperate with all developed countries to expand Moslem influence in the sector.