In our latest digital currency news centered on regulation, the UAE financial regulator pointed out that new initial coin offering regulations in the country will be introduced in the first half of 2019.
According to local news outlet The National the Securities and Commodities Authority of UAE will work with the Abu Dhabi Securities and Dubai Financial Market to create a new platform for ICO token trading.
Obad Al Zaabi, the SCA chief executive declared that the agreements are already signed with multiple law firms to create the sandbox and rulebooks for issuing ICOs.
As previously explained, the term ‘’sandbox’’ refers to a framework that makes possible of the development of the financial technology industry. Zaabi explained that all of the requirements will be finished by the end of 2019.
“Our market is open. [ICO] registration and licensing is available for all kinds of companies, from across the world. There is demand. We have already received a couple of requests for the issuance of the crypto assets and tokens.”
The United Arab Emirates have also pointed other initiatives that will likely have a positive impact on how quickly the blockchain adoption goes in the country. The Advisory Council of the United Arab Emirates Bank Federation (UBF) is considering applying blockchain technology to the banks.
Also, the UAE’s Central Bank is already collaborating with the Saudi Arabian Monetary Authority (SAMA) in order to create and issue a cryptocurrency that will be accepted in cross-border transactions between these two countries.
South Africa Doesn’t Intend On Banning Crypto Trading
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
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