Cryptocurrency markets is not that growing as many investors emphasis is now touching towards BUIDL and transporting in actual worth to the cryptocurrency business. Knowing this many controllers have also developed as energetic and are going assertive onward their posture on cryptocurrencies, blockchains and ICO’s. The newest of those statements are coming from UAE where the regulator has put onward that they will be starting a new regulation for ICOs at the start of 2019.
As per the regulator ICO’s our concern, Bitcoin, Ethereum and others are not our business says that:
As per the latest news published in Coingape from the news coming in from the Middle East, UAE’s monetary controller the Securities and Commodities Authority is preparing to begin and start guidelines for initial coin offering (ICO) in the nation by the end of the first half of 2019. This move by the regulator is meant at offering firms another opportunity to increase capital via crowdfunding. Though the executives have stated that these guidelines will be relating only to the ICO’s as what happens to other cryptocurrencies is not their concern.
Obaid Al Zaabi, the SCA chief executive, stated to the local media outlet The National, “Bitcoin, Ethereum and others are not our business. We are more concerned about crypto issuance and how to bring them for trade on our exchanges,” he said. The SCA is the apex expert that manages and checks the markets and has approved ICOs as securities and will work with the Abu Dhabi Securities Exchange and Dubai Financial Market to develop trading platforms for ICOs next year.
Obaid Al Zaabi, the SCA chief executive further stated that we had signed agreements with law firms to come up with the sandbox and rulebooks for the issuance of ICOs.
A “regulatory sandbox” is a framework that facilitates the development of the financial technology industry. Bahrain, another country from the Middle East, has been prosperous in implementing a fintech sandbox. Blockchain has become an issue that might add value to the UAE’s existing markets and systems infrastructure.
“It will introduce added layers of security and efficiency. Especially the fast-changing local markets and volatile financial markets need international technologies like blockchain to increase transaction speeds and reduce overall costs,” the management has already applied systems and Paces in that regard as it later started two public platforms battered. Revitalizing the UAE’s blockchain technology ecosystems as well as artificial intelligence (AI).
UAE regulator, being so affirmative in his approach, has not just laid out a solid plan on how he plans to regulate cryptos in UAE but also has given a roadmap to other nations to follow the same and accept the newest for money with both hands. Likewise, island nation Gibraltar between Morocco and Spain has come up as one of the conventional sources for all cryptocurrency.