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.
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