The U.A.E.’s SCA Launches Fintech Controls Targeting Cryptocurrencies

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The SCA approval entails that cryptocurrencies will now be treated as securities and controls for trading digital tokens will be introduced soon. Fintech covers a broad range of innovations in the financial services industry including Cryptocurrencies. Crypto has been under scrutiny due to its volatility and the emergence of ICOs. Now that, U.A.E government has decided to take a closer look at fintech, the digital assets come in the package.

According to a statement announcing the resolution, the SCA has developed a plan to regulate digital securities and commodities. A few details for the same were provided in the statement:The move is not an isolated step, in June, the Abu Dhabi Global Market launched a framework to regulate spot crypto asset activities, including those undertaken by exchanges, custodians and other intermediaries within its jurisdiction.

ryptocurrency sales from successful ICOs totaled $13.7 billion in the first five months of 2018. According to a recent report from consulting firm Strategy& and Switzerland-based Crypto Valley Association, the r

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