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The UAE Cryptocurrency Asset Regulatory Authority (VARA) recently revealed that Bored Gen DMCC (BG), the issuer of Islamic Coin (ISLM), has fully cooperated during the investigation of the token's issuance, marketing, and distribution processes. VARA added that BG has taken remedial measures, including implementing thorough public disclosures, to enhance market safeguards. In a recent enforcement notice, the regulatory authority stated that the issues under investigation constitute "technical violations." The notice also indicated that BG still needs to "obtain appropriate approvals" before issuing ISLM in the Dubai market and added, "BG can continue to collaborate regularly with VARA and fulfill necessary obligations, including full compliance with all applicable regulatory requirements, to continue conducting business operations related to non-virtual assets." |
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Post time 30-11-2023 12:38:32