Emirates introduce ICOs for capital markets in a year
It has been announced very recently that the United Arab Emirates (UAE) plan to endorse the Initial Coin Offerings (ICOs) to offer companies an another way to raise its capital, says the head of the national securities regulator.
2019 is near, tickets are getting hot
The source referred to Obaid Saif al-Zaabi, known as the head of the Emirates Securities & Commodities Authority (ESCA), who stated this Monday the following during a seminar:
“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.”
The above-mentioned authority has been working on these crypto regulations along with multiple international advisers willing to help. Now it is collaborating with Dubai and Abu Dhabi stock markets in order to set platforms that would support future ICO tokens, but more details will be provided later.
There was also a hint that the ICOs should have been approved a month ago, however so fat, it isn’t clear whether the tokens will be considered as security tokens, giving its holders company shares and dividends or even voting rights. The approval is being awaited and at the same time Al-Zaabi mentioned that stock exchanges are initiated to require at least 20% of women on the boards of directions,