UAE’s SCA to Regulate ICO Tokens as Securities

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The SCA’s decision marks a significant step towards achieving enhanced regulation of digital securities and commodities in the UAE.

Key Points:

..The announcement signals a change in the SCA’s position following its previous cautionary statement to the market.

..The proposed framework will regulate crypto-asset activities, including ICOs, exchanges, and other intermediaries, and will cover key risks such as anti-money-laundering and counter-terrorist financing, consumer protection, technology governance, and safe custody.

Please see full Alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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