uae blockchain
UAE Financial Watchdog Asks for Public Feedback on Crypto Regulation
October 16, 2019
uae blockchain
UAE Financial Watchdog Asks for Public Feedback on Crypto Regulation
October 16, 2019

The United Arab Emirates’ (UAE) Securities and Commodities Authority (SCA) has published draft regulations for crypto assets.

Feedback From The Crypto Industry

An official statement from Oct. 15 stated that the SCA will start collecting public feedback on the draft regulations until Oct. 29.

It will be done just before submitting the final drafted legislation to the industry. Crypto players are all invited to give feedback including brokers, financial analysts, investors, researchers, and the media.

The SCA said that the proposals from all the crypto players will be taken into consideration for the final regulation.

Providing Guidance After Regulation

The draft consists of 28 parts covering all the crypto assets industry in the United Arab Emirates. It includes security and custodial policies, information security controls, requirements for token issuers, measures for protecting investors and combating financial crimes, technology governance standards, etc.

The authority said that once the regulation is implemented market participants will be able to request the SCA guidance regarding a specific part of the industry and the regulatory requirements through its electronic services system.

ALSO READ :  Lukka Announces A Crypto Focused Tax Preparation Product

Blockchain Projects in the UAE

On Oct 14. Cryptonewspoint reported that Blocko, the South Korean enterprise blockchain provider backed by Samsung, has launched in the UAE after raising funding in the Asia Pacific and Europe, the company said.

Upon Blocko’s official launch, the company entered a business and technology partnership with SEED Group, a conglomerate in royal family member Sheikh Saeed bin Ahmed Al Maktoum’s private office.

Source: | Image: Shutterstock


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