The UAE securities regulator is expected to introduce ICOs to the capital markets from 2019, the report said.
Reuters reports that the weakness of the stock market and the drop in crude oil prices are adversely affecting the IPO market, and the UAE authorities say they intend to innovate the financing model to diversify corporate financing tools. Obaid Saif al-Zaab, chief executive officer of securities regulator, said that the board of directors of the Emirates Securities and Exchange Commission (ESCA) has approved the ICO to be regarded as securities, and said that it plans to introduce and introduce regulations in the first half of 2019 according to plan.
According to this, ESCA is currently drafting the ICO Regulation. Abu Dhabi and Dubai securities markets are working together to develop an ICO trading platform. The Ministry of Economy is proposing a new regulation on IPOs and is reviewing the prime minister. For more information, please click here .