The United Arab Emirates plans to introduce initial coin offerings (ICOs) next year to provide companies with a fresh way to raise money, said the head of the securities regulator.
“The board of the Emirates Securities and Commodities Authority has approved considering ICOs as securities. As per our plan we should have regulations on the ground in the first half of 2019,” Obaid Saif al-Zaabi told a seminar.
ESCA is drafting regulations for ICOs with international advisers and is working with the Abu Dhabi and Dubai stock markets to develop trading platforms for the offers, he said, adding that details would be announced later.