New guidelines for ICOs released by the Government of Abu Dhabi

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New guidelines are released for the ICOs organizer in Abu Dhabi by the government of Abu Dhabi. The token sales are to be classified as securities and commodities depending upon their structure. Abu Dhabi Global Market’s Financial Services Regulatory Authority(FSRA) said that it would apply existing anti-money laundering and know-your-customer rules to classify these token sales.

The chief executive director of the FSRA- Richard Teng said:

“Participants exploring the issuance of ICOs that offer real value to the market and wish to operate within our regulatory framework are encouraged to engage us early to gain insights into the applicable regulatory regime.”

FSRA published a nine page guidance naming it as “Supplementary Guidance – Regulation of Initial Coin/Token Offerings and Virtual Currencies under the Financial Services and Markets Regulations” on 9th october, 2017.

 

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