UAE calls for feedback on crypto asset rules

Investors, brokers and fund managers have been called on to provide their feedback on proposed rules for crypto assets from the UAE’s Securities and Commodities Authority (SCA).

The capital markets watchdog has set a deadline of October 29 for comments which it says will be considered in the wording of the final text.

“The draft regulations may be amended in a manner that serves the public interest and has not been made final yet,” the SCA stated.

The statement added that the regulations will “encompass all aspects of the crypto asset industry in the UAE ranging from token issuance requirements to trading and safekeeping practices with an emphasis on protecting investor interests”.

Once the regulations are implemented, market participants will be able to seek guidance on requirements via an e-services system to be rolled out by the SCA.

Back in February 2018, the regulator issued a warning about the dangers of cryptocurrency investing and initial coin offerings.

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