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Tue 15 Oct 2019 02:18 PM

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UAE regulator seeks feedback on draft crypto asset rules

Securities and Commodities Authority calls on all relevant parties to provide feedback on draft crypto regulations by October 29

UAE regulator seeks feedback on draft crypto asset rules
The SCA said it will take the feedback into consideration when working on the final wording of the regulations.

The UAE's Securities and Commodities Authority (SCA) has urged investors and brokers to provide feedback to draft regulations concerning crypto assets in line with its efforts to regulate and develop capital markets operating in the UAE.

In a statement cited by state news agency WAM, the authority called on all relevant parties including investors, brokers, financial analysts, researchers and media personnel to provide their feedback by October 29.

The SCA said it will take the feedback into consideration when working on the final wording of the regulations.

The draft regulations may be amended in a manner that serves the public interest and has not been made final yet, it added.

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Crypto asset regulations will encompass all aspects of the crypto industry in the UAE ranging from token issuance requirements to trading and safekeeping practices with emphasis on protecting investor interests with compliance of financial crime prevention measures, crypto-asset sake-keeping standards, information security controls, technology governance norms and conduct of business requirements for all market intermediaries.

The regulations also lay down standards and requirements for a wide range of market participants like issuers of securities, investors including qualified investors, custodians, crypto trading platforms, brokers and promoters engaged in crypto asset industry.

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