According to The National, the UAE’s watchdog will present initial coin offering (ICO) regulations in Q1, 2019. Hence, the UAE’s Securities and Commodities Authority (SCA) will try to clarify the ambiguous way of crowdfunding.
The National states the watchdog will collaborate with the Abu Dhabi Securities Exchange and Dubai Financial Market to develop trading platforms for ICOs next year.
The head of SCA, Obaid Al Zaabi, says the watchdog has signed "agreements with law firms to come up with the sandbox and rule books for the issuance of ICOs."
It’s expected the SCA will assist Abu Dhabi and Dubai exchange markets with the adoption of the blockchain tech, using cryptography, for ICOs.
Earlier, the Government of the United Arab Emirates announced the launch of two national initiatives, with the help of which the country plans to introduce Blockchain in all spheres of state activity and become the world leader in the adoption of artificial intelligence.
In addition, the U.S.-based crypto-related startup Ripple (XRP) announced a partnership with UAE Exchange company Finablr. It’s expected the blockchain service will go live by Q1, 2019 with one or two Asian banks.
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