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.

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James W
James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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