United Arab Emirates looking to introduce ICO regulations next year

22 Dec, 2018 | Updated: 22 Dec, 2018
by David Borman
Regulation
United Arab Emirates looking to introduce ICO regulations next year

It is being reported in The National that the United Arab Emirates (UAE) is ready to move ahead with ICO regulation after declaring ICO's as securities. This will pave a way for regulated exchanges and a new legal source of funding for startup companies.

The UAE's Securities and Commodities Authority (SCA) recently announced that by the end of the first half of 2019 they will introduce regulations for ICOs. This will set the stage for the development of exchanges that allow for the trade of these coins.

Obaid Al Zaabi, SCA chief executive, is quoted in the article:

"Legal requirements will be finished by the end of the first half of 2019… then there will be adoption of technology and development of infrastructure on the side of the exchanges."

The SCA will work with the Abu Dhabi Securities Exchange and Dubai Financial Market to bring about the infrastructure after the new regulations are in place. This is an exciting move forward for startups in the region, as it will allow for ICOs to be a legal option for generation of capital.

As the new regulations roll out, stick with Chepicap for any and all updates!

Read more: Middle Eastern Crypto: UAE partners with Ripple, Egypt is launching central token, UAE and Saudi Arabia to launch joint cryptocurrency

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