The UAE's Securities and Commodities Authority has approved initial coin offerings as securities and will work with the Abu Dhabi and Dubai stock exchanges to develop dedicated trading platforms. The plan is to introduce regulations by mid-2019.
What are ICOs?
ICOs are the cryptocurrency version of an initial public offering, where companies go public and sell shares to individual investors. With ICOs, investors buy units of a cryptocurrency and receive tokens instead of shares.
ICOs can be a source of capital for start-ups or small- to medium-sized enterprises. Companies can issue crypto-tokens to investors the same way shares are issued in an IPO of an equity. The first cryptocurrency distributed by an ICO was Ripple in 2013.
So far, the majority of ICOs have been used to fund fund the development of new cryptocurrencies.
Who does it help?
ICOs offer a way of crowdfunding to SMEs, other than internet-based platforms such as Kickstarter or venture capital fundraising. Coin offerings raised $3.3 billion (Dh12bn) through 412 projects in the first quarter of 2018, according to ICO Rating, a global ratings agency for the cryptocurrency market. However, only half of ICO projects were able to raise more than $100,000.
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Dubai's Avanza Innovations to tap Nordic and Far East markets in 2019
Quicktake: Blockchain set to change the public and private sectors
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What is the UAE doing with ICOs?
Dubai tech company Avanza Innovations has announced it is planning to open operations in Nordic countries and the Far East by issuing an ICO in the first quarter of 2019 to fund its expansion.
The SCA's initiative to regulate ICOs has added it to the expanding list of global regulators that have decided to standardise ICOs and cryptocurrencies.
Japan's Financial Services Agency is screening the cryptocurrency exchanges before registration to ensure they do not pose an outsize risk as compared to other investment vehicles. New York State Department of Financial Services is issuing BitLicence to companies who want to operate in virtual currencies. The European Union has brought cryptocurrency exchanges and custodian wallet providers under the umbrella of anti-money laundering rules.
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
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Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Company%20profile
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PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
