New regulation information is coming in today’s crypto news after the United Arab Emirates pushes ahead to start recognizing initial coin offerings (ICOs) as securities for more efficient fundraising for startups in 2019.
The UAE will allow domestic companies to gather more money by offering crypto tokens to all investors as a plus method besides the traditional funding as investing in shares. ICOs will be considered as securities and will be regulated.
The draft regulation is now ready and will be implemented in early 2019. Chief Omar Saif al-Zaabi, the securities market watchdog, explained the plan on a seminar by saying:
“The board of the Emirates Securities & Commodities Authority [ESCA] has approved considering ICOs as securities. As per our plan, we should have regulations on the ground in the first half of 2019.”
Last year, Abu Dhabi issued a strategy on initial coin offerings, regulating them as securities. However, cryptocurrencies were not classified as a legal tender but are still considered as commodities by the Abu Dhabi government.
In the past several years, domestic companies have gone through a very hard period by having difficulties raising finances because of the low oil prices within the UAE and the broader Gulf region. This is why this new law is seen as a major boost for domestic companies by making it easier for them to obtain funds and run the business smoothly.
If this law is approved by the United Arab Emirates’ prime minister, it will take effect in early 2019 and there will be a mandated place for women on the board by minimum 20% in publicly listed companies.
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“Ultimately behind the scenes, they [crypto companies] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space… When it comes to margins and capabilities, payments is never something that grows in margin, nobody wants to pay for a payment…so you need highly efficient and large players.”Karpovich also responded to a question regarding how far the eCommerce industry is from using crypto to facilitating payments. He explained that blockchain - the underlying technology of cryptocurrencies - will be used to facilitate payments behind the scenes. However, he also added that according to him, blockchain won't have a huge impact on consumers.
“I think ultimately you’ll find that the technology behind the scenes will be blockchain, I don’t know that you’ll notice anything as a consumer in that space. I think that you’ll still continue to use the payment type that you prefer, be that a wallet, a card, or a bank account,” he noted.When asked about his anti-crypto sentiment - which is somehow shared in the JPMorgan circles - Karpovich said that there is a difference between adopting blockchain and speculating on cryptocurrencies.
“There’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous, versus using the technology to enhance your payment infrastructure,” he concluded.
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‘’Binance Lite is a simple site for users to easily buy bitcoin with cash at physical store fronts. This model makes it really easy to bring new users into crypto, starting with Australia, where the government has taken proactive steps to support the blockchain industry. Users won’t have to open complicated online accounts to start using the service.’’The crypto market in Australia was a little behind than other markets in the world such as South Korea or Singapore because the banks didn’t support the crypto businesses in Australia. Back in 2017, during the strongest crypto rally, reports show that the larger Australian banks closed the accounts on multiple crypto investors. However, starting last year, the government of Australia began its proactive approach in regulating the crypto space and the blockchain industry so the investors are now hopeful that they could improve the market in the long run. Zhou also said that more than $5 billion in crypto was traded in crypto in 2018 in Australia and that since then the government is funding blockchain startups and companies by issuing bonds on the blockchain. The government has also started to accept crypto on airports such as the airport in Brisbane and even held a voting trial on the blockchain. He finished his interview by saying:
“Binance Lite also completes a comprehensive value chain for the Binance ecosystem in Australia. For example, users can show their friends how to buy bitcoin from Binance Lite stores, immediately load it up onto Trust Wallet on their phones, and go on to spend this bitcoin in shops accepting bitcoin payments through TravelbyBit, the payments startup Binance invested in last year.’’
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