United Arab Emirates to approve the use of ICOs in companies
In a statement, the government announced that local companies may use this route as an alternative measure for fundraising
The United Arab Emirates announced that the government finally approved the use of Initial Offers in Cryptocurrencies (ICOs) for local companies, as an alternative for fundraising.
According to the authorities, this option will be available by the year 2019. This is intended to have more alternatives to the traditional Initial Public Offers (IPOs).
“The board of the Securities and Commodities Authority of the Arab Emirates approved the ICOs as securities. According to our plan, we should have regulations on the ground in the first half of 2019,” the official statement said.
On the other hand, the head of the Emirates Regulatory Authority, Obaid Saif al-Zaabi, stressed that the country also plans to partner with Abu Dhabi and Dubai stock exchanges in order to launch platforms for the new digital assets.
In case all these projects are approved, the country will become one of the first nations to implement its own laws on methods of fundraising with ICOs.
K. Tovar
Source: Reuters
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