The United Arab Emirates’ Securities and Commodities Authority (SCA) just gave the green light to a plan that would rein in ICOs and classify them as securities, according to a report penned by Forbes.
“In light of the rapid development of the digital tokens market and the response thereto by the regulators in a number of countries worldwide towards regulating the initial coin offerings (ICOs), the SCA Board of Directors has approved the SCA plan to regulate the ICOs and recognize them as securities,” a statement by the organization said.
This wasn’t much of a surprise, as the SCA had warned investors earlier this year about ICOs, citing a lack of protection mechanisms as one of its concerns.
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