Arab's Financial Security Publishes a Tentative Draft Resolution for Crypto Regulations
On Oct.15th, the Securities and Commodities Authority (SCA), an organization responsible for regulating and developing the financial market of the United Arab Emirates, released a draft on its website containing their tentative resolutions on how the crypto market will be regulated.
In line with the report, the 28 articles contained in the draft resolution address the United Arab Emirates' crypto assets industry ranging from the requirements for token issuers, to safe circulation and custodial policies or practices, measures for protecting investors' interests and compliance with fighting financial crimes, information security controls, as well as technology governance standards, and performance for every market intermediaries.
SCA opened a door for fair opinions for all the capital market participants in the state. This includes dealers of different categories such as investors, intermediaries, financial analysts, researchers, media and interested parties. SCA claimed that the observations, contributions, and proposals of these participants are to be taken into consideration when they will be preparing the final wording of the resolution. These participants are enjoyed to review the contents of the draft and air their opinions or views by no later than 29 October this is to enable them to get familiarized with the findings of the industry and the opinions of participants in the market.
The report has also noted that the draft set parameters and criteria for enough participants such as: token issuers; investors; custodians; crypto trading platforms; brokers, and promoters in the industry. And thus, once the regulation is enforced, market participants will be able to request the SCA’s guidance on a specific issuance of symbolic instruments or regulatory requirements through its services system.
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