Sunday 09, September 2018 by Kudakwashe

UAE SCA approves regulatory control of fintech

 

The plan developed by the Securities and Commodities Authority (SCA) includes a set of mechanisms as part of an integrated project to regulate digital securities and commodities.

The SCA has issued a resolution approving the regulatory control of fintech.

In a statement, SCA said that in light of the rapid development of the digital tokens market and the response thereto by the regulators in a number of countries worldwide towards regulating the initial coin offerings (ICOs), the SCA Board of Directors approved the SCA plan to regulate the ICOs and recognise them as securities.

Part of a number of initiatives aiming at upgrading the financial activities and services platform in the UAE securities sector to match the best international standards and practises.

The resolution shall go into force on the next day of its date of publishing on the Official Gazette.

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