UAE’s SCA Seeking Public Opinion on Incoming Crypto Regulations

Mary Brendah by Mary Brendah - 10:14 AM Oct 16, 2019

United Arab Emirates (UAE) financial watchdog, Securities and Commodities Authority (SCA) recently published a set of draft regulations for digital assets.

As per the official statement, starting October 15, the SCA will commence on collecting public feedback on the draft set of regulations until October 29. Afterward, the regulator will provide the final drafted legislation regarding crypto assets.

In addition, all the concerned parties in the industry, including investors, brokers, financial analysts, researchers, media and others, are invited to provide their feedback on the document. The proposals will be considered in drafting the final regulation, according to the agency.

As per the statement, the draft proposal consists of 28 different parts. These parts cover all factors of the crypto assets industry in UAE. This includes the conditions for token issuers, security and custodial policies; measures for protecting investors and combating financial crimes, information security controls; as well as technology governance standards, etc.

Moreover, when the regulations get implemented, participants will be able to request SCA’s guidance. This can be done on a specific part in the sector and the regulatory requirements through SCA’s electronic services system.

Demand in ICO registration and licensing

In fact, the financial watchdog had planned to introduce initial coin offering (ICO) regulations in the UAE by the end of the quarter one 2019. During that time, the authority noted a rise in demand for ICO registration and licensing. However, reports suggested SCA will be working with the Abu Dhabi Securities Exchange; and Dubai Financial Market to develop a platform for ICO trading.

In conclusion, the Central Banks of UAE and Saudi Arabia have partnered to form a shared cryptocurrency. The project will facilitate cross-border bank transactions through Blockchain technology.

About The Author
Mary Brendah

Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.


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