Weekly Spotlight: Draft Cryptoasset Regulations Published by UAE’s Securities and Commodities Authority
The UAE’s Securities and Commodities Authority has published draft cryptoasset regulations. Investors, brokers, financial analysts, researchers, media personnel and other interested parties have until 29 October to provide their feedback on them.
The Regulations will encompass all aspects of the crypto assets industry in the UAE ranging from token issuing requirements to trading and safekeeping practices with an emphasis on protecting investor interests to ensure compliance with financial crime prevention measures, cryptoasset sake-keeping standards, information security controls, technology governance practices and conduct of business requirements for all market intermediaries.
Standards and requirements for a wide range of market participants like issuers of securities, investors including qualified investors, custodians, crypto trading platforms, brokers and promoters engaged in crypto asset industry are also covered.
Once they are implemented, market participants will be able to request guidance on specific token issues and regulatory requirements from the Authority as a part of an e-Services System launched by them. The Authority may amend the draft regulations before, on or after this deadline as they are not final.