UAE financial regulator issues draft encryption regulations

According to an official statement on October 15, the UAE Securities and Commodities Authority (SCA) has issued a draft of the cryptographic assets regulations. SCA will collect public feedback on the draft regulations by October 29th to complete the final draft regulations. As stated in the statement, the draft consists of 28 parts covering all aspects of the UAE's crypto-asset industry, including requirements for token issuers, security and custody policies, measures to protect investors and combat financial crimes, information security controls, and Technical governance standards, etc. Regulators say that once the regulation is implemented, market participants will be able to obtain SCA's guidance and regulatory requirements for specific parts of the industry through their electronic service systems.