UAE Plan Allowing Companies Raise Capital Via ICO
October 10, 2018
As it became known September 8, the United Arab Emirates plan to enact bills under which organizations would be able to raise funds in ICOs, as Obaid Saif al-Zaabi, the head of the country’s securities regulator, has voiced this at the meeting.
According to al-Zaabi, the watchdog together with advisers have already elaborated the drafts. In addition, he noted that to be ready to operate with digital coins the agency collaborates with trading platforms in Abu-Dhabi and Dubai.
IPO-activity indexes in the UAE and the region has sunk over the last years which was caused by oil price fall and local stock market decline.
Apparently, after the new regulations adopted in the UAE, the number of IPO will rise as family owners will have opportunities to sell 100% of shares they hold. Currently this measure is to be approved by the country’s prime minister. In addition, the UAE will thus become the world’s first state to have legal framework for this type of financing.