Abu Dhabi Stock Exchange Determines Rules For Crypto Assets Issuance
The Abu Dhabi Securities Exchange (ADX) published a document on cryptos and blockchain, aimed at formulating rules for the issuance of digital assets, Emirates News Agency reports.
The paper was developed with the support of ISSA, the international organization managing the issue of securities and work with them. Thus, ADX is trying to establish tech requirements for organizing a digital asset offering and assist financial companies that intend to work with crypto assets.
The exchange continues to work on the switch from traditional financial instruments to new digital assets, trying to correspond to their rapid and comprehensive expansion in the region, Rashed Al Blooshi, the Executive Director of ADX, stated.
Besides, the head expressed the view that it is crucial to improve the market infrastructure and develop management norms to enhance the investors' loyalty and maintain the market integrity. ADX will also continue to develop and implement projects based on distributed ledger technology.
In October, the UAE financial regulator claimed that it would organize ICOs in the capital markets next year. Currently, the regulator is developing ICO rules in consultation with international financial institutions and working with the stock exchanges of Abu Dhabi and Dubai.
As previously reported, the Huobi crypto exchange will open a branch in Dubai. Mohit Davar, the co-founder of the platform, explained such a decision saying that this city is the leading capital of blockchain technologies in the Middle East.