In the United Arab Emirates cryptocurrency can be considered securities. The corresponding decision is prepared to take Control of securities and commodities UAE, according to Bitcoin.com citing local publication.
As noted by the Chairman of the Board, Sultan bin Saeed al Mansouri, the Agency conducted a major study and decided to run a set of mechanisms for regulation of relations in the cryptocurrency market with the use of the experience of regulation of securities transactions. The new legal framework will come into effect a day after the corresponding decision will publish the official media of the country.
Al Mansouri added that the whole procedure ICO will also be adjusted based on the experience of transactions with securities. Equating tokens to securities will be the first step towards the modernization of the entire financial system, the Arab States, said the head of Department.
Each startup is facing the ICO with its cryptocurrency will have to initially consult a lawyer. This will avoid problems when placing tokens in the UAE market. The regulator also noted the speculative nature of the procedure ICO, as the value of digital money is constantly changing.
Recall that in December last year the Central banks of UAE and Saudi Arabia began work on the creation of a single digital currency. However, before the start of the coin it has not yet reached.
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