The Department for securities and goods United Arab Emirates (SCA) has approved a plan for the regulation of primary offerings of coins (ICO), reports Bitcoin.com with reference to the Arabian News.
The economy Minister of the UAE and Governor Sultan bin Saeed al Mansouri said that ICO-tokens will be classified as securities. Also, according to him, the decision was made by the Board of Directors of the SCA after studying the advanced experience of foreign countries in the field of primary offerings of coins.
Mansouri also noted that the plan SCA provides a broad set of legal mechanisms and is part of the comprehensive project management of digital securities and commodities. The new rules will enter into force on the day following their publication in the official publications.
In the SCA noted that the initiative is aimed at modernizing the financial services market and stock market the UAE as a whole. Representatives of the Ministry stressed that the ICO sphere is highly speculative, and prices of tokens are extremely volatile.
The organizers of primary offerings of coins were advised to take legal advice to ensure their compliance with legal norms of the United Arab Emirates.
We will remind, in the spring, Prime Minister of the UAE announced the launch of blockchain-the strategy, the implementation of which is calculated by 2021.
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