The regulations on initial currency support (ICO) are due to be issued by the UAE Financial Supervisory Authority in the first half of 2019, local news center National reported on Friday (December 21st).
The UAE Securities and Commodities Authority (SCA) will organize a currency trading platform developed by ICO in partnership with the Dubai Financial Market and the Abu Dhabi Securities Market.
Obeid Al Zaabi, Chief Executive Officer, said:
“We have signed agreements with law firms to establish a regulatory environment and to write rules and regulations for the issuance of ICO operations”
“Regulatory Environment Pilot”, as described by National, is a framework that facilitates the development of the financial technology sector.
Za’abi said that the legal arrangements for the organization of ICO operations will be finalized in the first half of next year, and then there will be technology adoption and infrastructure development for trading platforms.
The currencies of ICO operations are only important
The country is looking at and only interested in issuing digital currency. Zaabi said that digital currencies such as beta, etherium and others are not the state’s business. All that matters is digital currency issuance, how it is delivered and traded on trading platforms. Zaabi concluded by saying:
“Our market is open to everyone. The registration and licensing of ICO operations is available to all types of companies, from all over the world “
The UAE is also looking forward to offering a digital currency with neighboring Saudi Arabia by the middle of 2019. The head of innovation at SAMA, Mohsen Al Zahrani, echoed the words of his counterpart Mubarak Al Mansouri, Governor of the Central Bank of the United Arab Emirates, Their intention to develop a common digital currency.
Dubai, the global financial hub, has attracted the attention of the world of digital currency, with the San Francisco-based conglomerate Reblex confirming the plans to set up an office in the UAE. The company plans to use Dubai as a hub for expansion in the Middle East and South Asia.
In addition, Money Transfer, UAE Exchange and Real Estate are set to launch cross-border transfers to Asia through a bauxite-based system. The same procedure is to be introduced in the first half of 2019, at the same time as the regulations governing the markets for ICO operations.