Financial Regulators From UAE Seek Input from Public for Crypto Regulation
The United Arab Emirates (UAE) Securities and Commodities Authority (SCA) has published a new piece of regulations for the crypto industry and digital assets. According to the SCA, the regulators are now open for public feedback until October 29.
Several parties directly involved in the crypto world were invited to give their feedback on the draft legislation, so exchanges, crypto researchers, investors, brokers, and others can directly contact the regulator.
The new draft has 28 parts and aims to regulate most of the aspects of the industry, which include the issuance of tokens, their custody, measures against financial crimes, governance standards, the definition of what is a security, etc.
As soon as the regulation is finalized and implemented, any participant of the market will still have the chance to request guidance on the specifics of what is about to change, according to the authority.
The guidelines include the topics of Initial Coin Offerings (ICOs). The CEO of the agency, Obad Al Zaabi, affirmed some months ago that there was significant demand for registering ICOs in the country, so this was one of the main priorities of the organization.
In order to do this, the organization started to work together with groups such as the Dubai Financial Market and the Abu Dhabi Securities Exchange.
Another recent development of the country is that the UAE has started a partnership with the government of Saudi Arabia to cooperate for the creation of new crypto that could be used on cross-border transfers.