The UAE introduced a bill on the regulation of crypto assets for public discussion

The United Arab Emirates Securities and Exchange Commission (SCA) introduced a bill on crypto assets regulation for public comment.

According to an official statement, SCA will collect public feedback on the bill until October 29 before submitting final regulation to the industry. All parties involved in the cryptocurrency industry, including investors, brokers, financial analysts, researchers and the media, are invited to express their opinion on the document. SCA notes that the proposals will be taken into account when creating the final version of the law.

The project consists of 28 parts, covering all aspects of the crypto asset industry in the UAE, including requirements for token issuers, security and storage policies, measures to protect investors and fight against financial crimes, information security controls, and technology management standards. After the introduction of regulation, market participants will be able to request guidance for a specific industry direction and regulatory requirements through an electronic services system.

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At the end of last year, the SCA announced its plans to introduce ICO regulation in the country by the end of the first half of 2019. Then it was noted that the rules for ICOs will provide an opportunity for businesses to raise capital in an effective, safe and transparent way. However, despite the fact that the UAE is the leader in attracting funds through initial token offerings, regulation for the industry has not yet been introduced.