UAE Seeks to Gather Industry Feedback on Crypto Asset Draft Regulations

UAE Seeks to Gather Industry Feedback on Crypto Asset Draft Regulations

by 29. October 2019

In line with its tireless efforts to regulate and develop capital markets operating in the United Arab Emirates, the Securities and Commodities Authority (SCA) has recently posted draft regulations concerning crypto assets on its website, www.sca.gov.ae.

It, therefore, urges all relevant parties—including investors, brokers, financial analysts, researchers, media personnel, and others—to provide their feedback and input on the draft, preferably no later than October 29. SCA will take such input into consideration when working on the final wording of the regulations.

The draft regulations may be amended in a manner that serves the public interest and has not been made final yet.

Crypto Asset Regulations will encompass all aspects of Crypto Assets industry in the UAE ranging from token issuance requirements to trading and safekeeping practices with emphasis on protecting investor interests with compliance of financial crime prevention measures, crypto-asset sake-keeping standards, information security controls, technology governance norms and conduct of business requirements for all market intermediaries.

Crypto Asset Regulations lay down standards and requirements for wide range of market participants like Issuers of securities, Investors including Qualified Investors, Custodians, Crypto trading platforms, Brokers and Promoters engaged in Crypto Asset industry.

Once these regulations are implemented, it will also be possible for market participants to request guidance on specific token issuance and regulatory requirements from the SCA as a part of e-Services System launched by Authority.

SCA welcomes feedback and input via sto-regs@sca.ae.

 

Featured image credit: https://www.facebook.com/scauae

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