The United Arab Emirates plan to authorize ICOs at the legislative level early next year. Obaid Saif al-Zaabi, the head of the securities regulator, explained that the government wants to provide companies with a new way to attract additional capital for their projects.
“The board of the Emirates Securities & Commodities Authority has approved considering ICOs as securities. As per our plan we should have regulations on the ground in the first half of 2019,” said Obaid Saif al-Zaabi at a seminar on Monday.
ESCA is developing a legislative framework for ICO in collaboration with international consultants. ESCA also works with the stock markets of Abu Dhabi and Dubai to develop trading platforms for ICOs. The new law may enter into force in 2019.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.