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
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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.
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
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The UAE's journey to space
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
The specs
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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'Morbius'
Director: Daniel Espinosa
Stars: Jared Leto, Matt Smith, Adria Arjona
Rating: 2/5
