Media ININ Economy We Trust
Abu Dhabi 15-10-2019
The Securities and Commodities Authority (SCA) has published on its website a draft resolution on regulating crypto assets in continuation of its approach to solicit the opinion of its partners in the financial industry before issuing new regulations within the framework of its role in regulating and developing the country’s financial market.
And the Commission called upon all concerned parties to the capital market state of traders on various categories of “investors, brokers and financial analysts, researchers, journalists and interested, and others” to see the draft of the resolution and to express their views in which no later by 29 October in order to stand on the industry notes and visuals dealers interested in Market and draw on their proposals to take them into account when preparing the final wording of the system.
The Draft Regulation includes 28 articles. The Draft Regulation on Encrypted Assets addresses all aspects of the encrypted asset industry in the UAE, from the requirements for issuing symbolic instruments to trading and custodial practices with a focus on protecting the interests of investors and complying with measures to reduce Financial offenses, encrypted custody standards, information security controls, technology governance standards and business performance requirements for all market intermediaries.
The draft regulations on encrypted assets set standards and requirements for a broad spectrum of market players such as securities issuers and investors, including ‘qualified investors’, custodians, encrypted asset trading platforms as well as brokers and promoters working in the encrypted assets industry.
Once these proposed regulations have been implemented, market participants can communicate with the TRA through its eServices system to request guidance on a specific version of the symbolic instruments or regulatory requirements.
It is worth mentioning that the TRA published an e-mail address to receive comments on it as follows: sto-regs@sca.ae.
