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The United Arab Emirates regulatory body has approved ICO tokens as titles and a complete picture will be available in the small Middle Eastern country in the middle of next year, according to a report by TheNational.ae newspaper.
Not only has the Securities and Commodities Authority pledged to have a complete regulatory framework by the middle of next year, it has also announced its intention to collaborate with Abu Dhabi Securities Exchange and Dubai Financial Market to develop platforms trading sites for cryptographic assets.
The head of SCA Obaid Al Zaabi told the local website:
We have signed agreements with law firms to develop sandboxes and rules books for the issuance of ICOs. […] The legal requirements will be completed by the end of the first half of 2019 … then there will be the adoption of technology and the development of the infrastructure on the side of exchanges.
Huobi Wielding Influence in Dubai
A number of blockchains and commercial companies are becoming interested in Dubai, if participation in the Dubai Blockchain Congress this week was an indicator. Huobi, for example, has a whole branch of his company dedicated to the entire region – Huobi MENA (Middle East and North Africa) – and their brand has been pre-eminent in the promotion and sponsorship of the event.
Mohit Davar of Huobi MENA stated in a press release:
Events like the Blockchain Congress play a crucial role not only in bringing together the current actors and facilitating important discussions, but also in connecting new entrants to improve and grow the entire community of blockchains.
Dubai is known for its financial modernization compared to the region in which it operates and the regulations that favor development. The local government actively promotes incentives to attract global business interests. Its construction projects are so large and many that it has a massive migrant labor force to meet demand.
Al Zaabi added that global companies looking for a safe place to manage blockchain and companies supported by the ICO can find a home in Dubai if they wish, saying:
Our market is open [ICO] registration and licenses are available for all types of companies, from all over the world.
In July, the Dubai International Financial Center announced the intention to launch the first "blockchain court" in the world.
The focus of Dubai regulations will not be on Bitcoin, Ethereum and other existing blockchains, but on the launch and nurturing of new security tokens, explained Al Zaabi.
We are more concerned about the issue of encryption and how to get them to trade [securities] on our exchanges
The move could make Dubai a competitive place, uniting countries like Malta, Estonia and the Isle of Man who have aggressively worked to attract blockchain companies.
Shutterstock foreground image. Portrait of Obaid Al Zaabi from LinkedIn.
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