The UAE's Securities and Commodities Authority, the country's markets regulator, issued a warning to investors against using initial coin offerings amid a sharp decline in the value of cryptocurrencies over the past week.
The SCA warned investors against any fundraising done in cryptocurrencies, be it ICOs, initial token offerings, token pre-sale or token crowd-sale, it said in a statement on its website. The authority sent a circular regarding this matter but it did say who the SCA sent the circular to and a copy of it was not available on the website of the authority. No one was immediately available at the SCA for comment.
"SCA reiterated that it does not recognise, regulate, or supervise any ICO presently and that ICO investments are not offered legal or regulatory protection," the authority said. "It [the circular] said that investors involved in ICO investments are doing so at their own risk. "
"SCA called upon digital token issuers, intermediaries advising on or facilitating digital token offerings, and digital token trading platforms to seek legal and regulatory advice to ensure compliance with all the applicable laws and regulations."
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Initial coin offerings are used by companies to raise funds in a way that a company would sell shares to the public in a fiat currency and list it on a stock exchange. Many regulators around the world have issued warnings to investors after instances of fraud in the ICO market. In 2017, some $6 billion was raised in initial coin offerings, according to Cointelegraph, a cryptocurrency news website.
While the meteoric rise of cryptocurrencies like Bitcoin has captured the world’s imagination, it has as many people against it as it has for it. There are those who dismiss its worth, including the billionaire investor Warren Buffet, saying it is a bubble waiting to burst. Others chide the lack of regulation and use of the digital currency by crime syndicates and money launderers.
Meanwhile, central banks around the world, including the central bank of the UAE, have been looking at ways to regulate cryptocurrencies. The banking regulator in the UAE is finishing a review that may result in new regulations on the use of digital currencies like bitcoin, a person familiar with the situation said in September.
Bitcoin has lost half its value since futures of the virtual currency were listed on December 10 on the Cboe Futures Exchange in Chicago, one of the world’s largest. On Friday, the price of Bitcoin slipped 5.6 per cent at $8,498, bringing the total market value of the cryptocurrency to $147.4bn.
The financial regulator of the Abu Dhabi Global Market, the capital's financial free zone, said in October it had set out guidance on initial coin offerings and virtual currencies that allow companies to take advantage of what it says is a more cost-effective way of raising funds.
ADGM's Financial Services Regulatory Authority said there is a need to provide guidance as virtual currencies are not strongly regulated and bringing transparency to the fast-growing area of finance is key to mitigating fraud.
Virtual currencies are treated as a commodity in the guidance laid out by the Financial Services Regulatory Authority. It also warned against investment by those seeking out-sized returns because of the volatile nature of virtual currencies like bitcoin. A spokesperson for ADGM did not reply to an e-mail seeking a comment before the newspaper went to print.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
RESULT
Arsenal 0 Chelsea 3
Chelsea: Willian (40'), Batshuayi (42', 49')
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
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So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Spider-Man%202
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Specs%3A%202024%20McLaren%20Artura%20Spider
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
COMPANY%20PROFILE
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY%20PROFILE
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
MATCH INFO
UAE Division 1
Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens
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Race card
5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; 5.30pm: Maiden (PA) Dh80,000 (T) 1,400m
6pm: Handicap (PA) Dh80,000 (T) 1,400m; 6.30pm: Handicap (PA) Dh80,000 (T) 1,200m
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m
7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
