The United Arab Emirates (UAE) plans to endorse initial coin offerings (ICOs) starting with next year to offer local firms a new way to raise capital, Reuters reports, citing the head of the UAE’s securities regulator. ICOs represent a relatively new method by which companies can raise crypto funds similarly to how they manage initial public offerings (IPOs). However, the new approach doesn’t induce much confidence given the high number of scams, but the UAE seems to not worry so much as it plans to regulate the market.

On Monday, Obaid Saif al-Zaabi, the head of the Emirates Securities & Commodities Authority (SCA), said during a seminar:

“The board of the Emirates Securities & Commodities Authority has approved considering ICOs as securities. As per our plan we should have regulations on the ground in the first half of 2019.”…

This article appeared first on Cryptovest

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