UAE Financial Watchdog Asks for Public Feedback on Crypto Regulation
The United Arab Emirates’ (UAE) Securities and Commodities Authority (SCA) has published draft regulations for crypto assets.
Seeking feedback from the industry
According to an official statement from Oct. 15, the SCA will be collecting public feedback on the draft regulations until Oct. 29 before providing the final drafted legislation regarding the industry.
All parties involved in the crypto industry, including investors, brokers, financial analysts, researchers, media and others, are invited to provide their feedback on the document, the SCA noted, adding that the proposals will be taken into consideration for the final regulation.
Providing guidance after enforcing regulation
As noted in the statement, the draft consists of 28 parts covering all aspects of the crypto asset industry in the UAE, including requirements for token issuers, security and custodial policies, measures for protecting investors and combating financial crimes, information security controls, as well as technology governance standards, among others.
Once the regulation is implemented, market participants will reportedly be able to request the SCA’s guidance on a specific part of the industry and regulatory requirements through its electronic services system, the authority said.
https://cointelegraph.com/news/uae-financial-watchdog-asks-for-public-feedback-on-crypto-regulation