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.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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- Russia Is Not Planning To Buy $10 Billion In Bitcoin
- Huobi Re-Launched As Fully Licensed Platform In Japan
- $1 Billion In Transactions Reported For 2018 By BitPay
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