Islamic Coin Issuer Collaborates Completely With UAE Regulator
The United Arab Emirates-based business, Bored Gen DMCC, responsible for issuing the Islamic Coin, has made it clear that they have complied thoroughly with the Virtual Assets Regulatory Authority’s investigation into the coin’s release and distribution. Nonetheless, the distribution of the Islamic Coin (ISLM) within Dubai’s market will still necessitate formal approval.
Bored Gen DMCC Takes Corrective Action
In recent information disclosed by the UAE’s authority specializing in digital asset management, the Virtual Assets Regulatory Authority (VARA), Bored Gen DMCC, the party behind the issuance of the Islamic Coin, has been nothing short of cooperative. The entire timeline of the investigation, which includes the coin’s release, its promotion, and distribution, observed full cooperation from Bored Gen DMCC. Furthermore, VARA also confirmed that Bored Gen DMCC has taken corrective steps, for instance, it now discloses adequate public information for ensuring better market confidence.
VARA’s verdict on the matter, disclosed through its enforcement notice on November 16, concluded the issues they’ve been investigating are in reality, technical non-compliance. Consequently, Bored Gen DMCC will need to secure proper authorization before it can initiate the distribution of the Islamic Coin (ISLM) in Dubai’s market.
Issuer or a Developer Entity?
A statement issued in favor of Bored Gen DMCC opposes VARA’s stance, denying that it is the issuer of the token. As per the statement, Bored Gen is a “developer entity” responsible for creating necessary features like the Haqq Wallet and Launchpad. The same statement claims that the ISLM’s public sales happened on a U.S. based platform, adhering to the U.S.’s Reg D and S for the non-U.S. investors. However, the narrative asserts that Dubai was explicitly removed from the sales.
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Frequently asked Questions
Question 1: What is the UAE Virtual Assets Regulator?
Answer: The UAE Virtual Assets Regulator is a regulatory authority in the United Arab Emirates responsible for overseeing and regulating virtual asset-related activities within the country.
Question 2: Who is the Islamic Coin Issuer mentioned in the article?
Answer: The Islamic Coin Issuer is a specific entity or organization that issues Islamic coins, which are a form of virtual assets compliant with Islamic finance principles.
Question 3: What does it mean for the Islamic Coin Issuer to confirm full cooperation?
Answer: When the Islamic Coin Issuer confirms full cooperation, it indicates their willingness to collaborate and provide all necessary information and support to the UAE Virtual Assets Regulator for the regulation and oversight of their virtual asset-related activities.
Question 4: What are virtual assets?
Answer: Virtual assets refer to digital representations of value that can be digitally traded, stored, or transferred and are typically based on blockchain technology. Examples of virtual assets include cryptocurrencies, tokens, and digital coins.
Question 5: How does the UAE Virtual Assets Regulator ensure compliance with Islamic finance principles?
Answer: The UAE Virtual Assets Regulator works closely with Islamic scholars and experts to develop guidelines and regulations that ensure virtual assets, such as Islamic coins, comply with Islamic finance principles, such as avoiding interest-based transactions (riba) and speculative behavior (gharar).
Question 6: What benefits does full cooperation from the Islamic Coin Issuer bring?
Answer: Full cooperation from the Islamic Coin Issuer enables the UAE Virtual Assets Regulator to effectively monitor and regulate the activities of the issuer, ensuring compliance with relevant regulations and enhancing investor protection. It also fosters transparency and trust in the virtual asset market.
Question 7: What role does the UAE Virtual Assets Regulator play in the broader virtual asset industry?
Answer: The UAE Virtual Assets Regulator plays a crucial role in regulating and overseeing the virtual asset industry within the United Arab Emirates. By developing appropriate regulations, ensuring compliance, and fostering a safe and transparent environment, the regulator aims to promote the growth and adoption of virtual assets while safeguarding the interests of investors and the stability of the financial system.